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- Uniswap formed an inverted head and shoulder pattern and poised for a massive rally.
- Market indicators and on-chain data supported bullish cues.
Uniswap’s (UNI) price recently witnessed a strong bullish trend. This happened as the crypto climbed beyond the significant EMA lines. The Uniswap price has surged more than 30% in the last ten days, with a 190% surge in trading volume.
At press time, the daily trading volume rose 82% to $603 Million over the past 24 hours. With sustained buying pressure, the UNI token could see further advancements. Uniswap token attempted to maintain past the $10 mark for a notable upswing in the coming sessions.
When writing, the Uniswap price traded at $9.32, noting an intraday rise of over 5.44%. Its market cap rose to $5.60 Billion. The total supply of UNI stood at 1 billion, and the circulating supply was 600.43 million.
Uniswap’s Volume Chain Analysis
Data from DeFiLlama revealed that Ethereum emerged as the market leader in Uniswap transactions throughout the year. Others, such as Polygon, Optimism, and Avalanche, played their part despite being less than the top chains.
This pattern of volume surge represented that there was a high concentration of activity over the days. That was possibly due to the availability of new tokens or trading pairs that create liquidity.
With Ethereum’s dominance continuing to climb, it points to its importance. However, increasing the count from other chains might signify a shift in DeFi trading. There, the UNI token might soon head toward the $15 level.
Is UNI Poised for a Rally with Its Inverted Head and Shoulder Pattern?
A tweet by CryptoBull_360 highlighted that the UNI price has formed an inverted head and shoulders pattern in multiple timeframes.
A rise above the $10 horizontal barrier would soon allow the bulls to hit the $12–$15 mark. This could happen if there is a significant increase in trading volume.
The 200-day EMA on the weekly timeframe was acting as a resistance. A successful breakthrough above it could trigger massive upward momentum ahead.
Uniswap Price Prediction: Analysing the Key Levels
Uniswap price prediction has guided a bullish stance as it rebounded from the support zone of $8. A bullish divergence on the RSI indicator was also noted. That suggested a significant rise ahead.
UNI token’s Relative Strength Index (RSI) line was approaching the overbought zone. It was around 58 at press time. It hinted that a potential bull run was imminent.
Moreover, the Average Directional Index (ADX) has turned bullish, 33 at press time. This signaled that the buying pressure had outpaced the selling pressure, and the uptrend was intact. The Chaikin Money Flow (CMF) reading pointed toward increased inflows into the market.
Data from Coinglass revealed that significant long-buildup activity was noted over the past 24 hours. The Open Interest (OI) has risen to $148.62 Million. The token has indicated a 10% surge.
Furthermore, the long/short ratio was 0.9677. That favored the bullish stance. The immediate support zones were $9 and $8.20. At the same time, the resistance levels were $10.20 and $11.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
