This article analyzes the recent 5% rise in Uniswap’s （UNI） price, exploring the factors behind this increase and the future potential of the token based on analyst predictions.
Points
- Uniswap’s （UNI） price increased by 5%.
- Analysts express bullish sentiments on UNI’s future.
- Significant factors driving UNI’s price rise.
- Predictions and future trends for UNI.
UNI Price Rose 5% As Analysts Turn Bullish on Uniswap, What’s Next?
Analyst @Altcoin Sherpa shared optimistic views on X for UNI Price. He stated UNI, one of the oldest tokens on the market, has compelling reasons for buying it due to its high float of supply in people’s hands and good fundamentals.
DeFi 1.0 has very compelling reasons for buying in this current market. I’m talking about coins like $COMP $AAVE $UNI and those types. (Long)
Fundamentals:
https://twitter.com/AltcoinSherpa/status/1816495903064076709
The number of contract counts building over the Uniswap （UNI） protocol is 26 times more than in 2021, indicating the platform’s optimism.
The number of contracts building on the Uniswap Protocol has done a 26x since 2021
— Uniswap Labs
https://twitter.com/Uniswap/status/1815029340922360217
Analyst @Altcoin Sherpa explained that the longer the price accumulates, the stronger the next move pumps on the chart. He advised that a wise investment would be when a clear trend develops （ DYOR）.
UNI Price Performance in 2024 So Far
Uniswap had a great start to 2024. From mid-October 2023, UNI price grew over 350%, from $3.70 to $17.10 by March 6th, 2024. However, the gains were unstable, and the price fell to support at $11.08 by March 2024.
After sustaining near $11.08, UNI Price fell under a bearish flag pattern by April 9th, 2024, in correlation with BTC.
The intense fall formed support near $6.86 by April 13th. At this level, the price consolidated and broke out from a descending triangle pattern, leading to a 70% surge to $11.85 by May 26th, 2024.
However, UNI’s strength was insufficient to pierce the high volume level of $11.85, and the resistance posed a threat. Multiple attempts to break above $11.85 resulted in a breakdown from June 18th, 2024, leading to a drop to $6.85 by July 5th, 2024.
What’s Next for UNI’s Daily Chart?
At press time, BTC formed support at its 200-day EMA, advancing nearly 5% intraday. Similarly, UNI price has grown nearly 5% intraday to $7.612.
If the price rises above $8.50, it could reach $10.20. Conversely, if the price slips to $6.86, it could deteriorate to $5.60.
Indicators highlight low momentum amid a bearish trend. The price fell below the 50-day and 200-day EMA bands.
Meanwhile, the MACD overlapped with a slim histogram width between the dynamic lines at negative 0.01088. The RSI loomed in the oversold territory at 40.91. Significant buying in UNI from critical support could change the overall indication.
解説
- UNI’s recent price increase reflects bullish sentiments and strong fundamentals.
- Significant contract activity and developer engagement support Uniswap’s growth.
- Future price movements will depend on market trends and investor behavior.