Uniswap Breaks Free, Surges Past $10 with Bullish Momentum

June 16, 2024 at 02:19 AM GST updated: June 16, 2024 at 01:25 AM 2 mins read News

Uniswap surged past $10 after breaking resistance at $8.50, driven by strong buying pressure.
Analysts predict UNI could reach $13 soon and may test $15 if it closes above $13 weekly.
UNI currently trades at $10.95 with a 1.89% daily increase, showing robust volume and market cap growth.

Uniswap (UNI) has recently broken out from a period of consolidation and surpassed the critical resistance level of $8.50. Following this breakout, buying pressure intensified, propelling the token’s price upward.

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This bullish momentum was further reinforced by a rebound from the 100-day EMA and an inside bullish bar formation. As a result, Uniswap surged beyond the pivotal $10 mark, marking a significant achievement for bulls in the market.

The ongoing sentiment surrounding Uniswap remains positive as buyers have demonstrated resilience in maintaining upward pressure. Analysts speculate that this upward trajectory could lead UNI towards its next major hurdle of $13 in the near term. Achieving a weekly close above this level could potentially pave the way for a retest of the $15 supply region.

At the time of reporting, Uniswap is trading at $10.95, reflecting a daily increase of 1.89%. The token has exhibited substantial monthly and yearly returns, underlining its current bullish market structure. The UNI/BTC pair stands at 0.000165 BTC, with a market capitalization of approximately $9.68 billion.

Recent market activity indicates a notable surge in trading volume, which has increased by over 36% to $344.98 million. Additionally, the token’s market cap has risen by 1.50% over the last 24 hours, further bolstering investor confidence in UNI’s upward potential.

The RSI and MACD indicators have signaled bullish trends, indicating ongoing positive momentum. Additionally, events such as the Fee Switch Proposal and substantial transactions involving entities such as Amber Group underscore a dynamic market environment influencing Uniswap’s current dynamics.