- Uniswap price hints at a rally as it bounces off a three-day demand zone, extending from $7.31 to $9.70.
- Transaction data suggests that UNI bulls could retest $15 before facing a stiff resistance barrier.
- A four-hour candlestick close below $7.31 will invalidate the bullish thesis.
Uniswap price has reached the surface of a vital support area after piercing it a while ago. This upswing is likely to be the trigger that propels UNI to higher highs.
Uniswap price eyes full-blown uptrend
Uniswap price pierced the three-day demand zone, extending from $7.31 to $9.70 and stayed in there for more than a week. The recent bullishness propelled it higher and is currently contemplating a minor retracement before it triggers a new uptrend.
UNI will most likely shatter the immediate hurdles at $10.31 to $11.78 and focus primarily on breaching through the weekly resistance barriers at $13.88 to $14.97. There is a good chance the next leg up will slice through these barriers and hit $15.
Investors should note that a move beyond $15 will be an arduous journey for UNI and is likely where a local top will form.
UNI/USDT 4-hour chart
Supporting this 53% ambitious run-up for Uniswap price is IntoTheBlock’s Global In/Out of the Money (GIOM) model. This index shows that UNI will not face any significant hurdles up to $15.60, where roughly 30,100 addresses that purchased roughly 69.82 million UNI tokens are “Out of the Money.” Therefore, a move into this area will likely be met with underwater investors trying to break even.
UNI GIOM
While the transaction data shows a clear path to $15, the increase in new addresses joining the UNI blockchain from 292 to 644 supports the bullish view. This 130% spike indicates that investors are interested in Uniswap at the current price levels.
UNI new addresses
The bullish outlook for Uniswap price is obviously due to the recent spike in Bitcoin price. Therefore, a sudden U-turn for the big crypto could also translate to the altcoin. In this case, if UNI produces a four-hour candlestick close below the three-day demand zone’s lower limit at $7.31, it will create a lower low and invalidate the bullish thesis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.