Uniswap (UNI) Paused Gains Near $10: Could It Ascend Gains Ahead?

• Uniswap price sustained gains near the 100 day EMA mark and remained flat.
• Buyers have retained strength and are eyeing a spike soon.

The Uniswap (UNI) price remained flat throughout the week and floated around the resistance mark of $11. Meanwhile, the token has retested the hurdle multiple times and is ready to trigger a massive breakout ahead.

Once Uniswap token price crosses the $12 mark, a sharp bull move may lead the token price toward the $15 mark. The token has completed the correction phase and is likely to rise in the upcoming weeks.

Recently, the Uniswap token price escaped the two-months consolidation phase and escaped the region. The price action reflects range-bound moves as the token attempted to surpass the range, but is still hovering near the 20 day EMA mark.

At press time, UNI was trading at $10.03 with an intraday surge of 0.87%, reflecting neutrality on the charts. It has a monthly return ratio of 7.30% and 111.20% yearly, reflecting short term consolidation.

The pair of UNI/BTC is at 0.000158 BTC, and the market cap is $8.85 Billion. Analysts are neutral and suggest that UNI may break out and reclaim the upside mark of $15.

Could Uniswap (UNI) Trigger a Breakout: Signs of Accumulation?

The daily charts of the Uniswap token signifies the rebound from the bottom mark of $7 and indicates signs of buyer accumulation last week. Interestingly, the token has crossed multiple hurdles consecutively and is targeting to surpass the $12 mark shortly.

Amidst the market weakness and indecisiveness, the UNI price stayed flat and did not show any signs of a selloff. If the Uniswap token price holds at the $10 mark for over a week, it will break out soon.

Source: Santiment

Moreover, the trading volume showcased an increase of over 22% to $138.70 Million, revealing investor interest.

The RSI curve stayed close to the midline region after which a positive crossover was reflected. Similarly, the MACD indicator revealed a bullish outlook and plotted green bars on the histogram.

Notably, the Uniswap token was ranked at 18 and has a total supply value of 1 billion. Its volume to market cap ratio is 0.0157 and the fully diluted market cap is $3.01 Million.

Price Volatility and Weighted Sentiment Data Outlook

The Price Volatility curve witnessed a slight decline and resembles the decline in the speculative move. This week, the token remained flat, which conveys the drop in the volatility.

Source: Santiment

Nonetheless, the weighted sentiment data looks neutral and slips below the midline region, noted at -0.682 mark.

Call me crazy but support is holding, thinking this is the last dip before we run for the highs.

Added to my longs.$UNI pic.twitter.com/tq8hyJUZqZ

— JJcycles (@JJcycles) June 20, 2024

Source: X

Until the Uniswap token price holds above the $10 mark, the trend is intact and buying momentum will exceed slowly & steadily.

Decline in Social Metrics

The Social Dominance data witnessed flat moves and dropped over 12% to 0.257% replicating the decline in the users engagement on the social media platforms.

Source: Santiment

Meanwhile, the development activity data witnessed average movements and stayed close to the midline near 10. 

The immediate support levels for the Uniswap token are $9.20 and $8.70, whereas the key upside hurdle is around $10.60 followed by $11.

Conclusion

The Uniswap token price stayed close to the 50-day EMA mark and is trying to overtake the 20-day EMA mark for a significant up move ahead. Moreover, the token has decisively sustaining gains near the $10 mark and might resume to outperform in the next sessions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.