- Uniswap price is contained inside a symmetrical triangle pattern on the 4-hour chart.
- The number of tokens inside exchanges has continued to significantly drop in the past several months.
- A key indicator shows Uniswap faces practically no resistance on the way up.
Uniswap has been trading inside a tightening range since the beginning of March while the supply on exchanges has continued to decrease despite the significant price rise of the decentralized exchange.
Uniswap price aims for a huge 30% breakout with no resistance ahead
On the 4-hour chart, Uniswap price has established a symmetrical triangle pattern with the key resistance trendline formed at $32.3. A breakout above this key point would drive Uniswap price up by 30% towards $42.
UNI/USD 4-hour chart
Since December 11, 2020, Uniswap price has climbed from a low of $3 to an all-time high of $33. However, in the same time period, the percentage of Uniswap tokens on exchanges decreased from a high of 7% to 6.14% currently.
UNI Tokens on Exchanges
This indicates that investors are not looking to sell UNI despite its performance, awaiting even more gains. The In/Out of the Money Around Price (IOMAP) chart suggests that bulls face practically no strong resistance above $30 with a lot of support on the way down.
UNI IOMAP chart
The strongest support area is located between $28 and $29. A breakdown below this point would confirm a break from the symmetrical triangle pattern with a price target of 30% towards $20.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.