Markets
Uniswap Price Analysis Suggests Rally Above $10 As Buyers Break 6-Week Consolidation
Uniswap Price Analysis: UNI, the native cryptocurrency of the decentralized trading protocol Uniwap Monday saw a notable event attributed to market enthusiasm over the potential approval of the former Find Ethereum ETH. In the 24 hours, the UNI price increased by 22% to currently stand at 9.34%. This rally has given a decisive twist to the resistance of a six-week correction, signaling a major shift in market dynamics.
Read also: Uniswap introduces ERC-7683 token standard, UNI enters breakout mode
UNI Token soars with market recovery and innovative cross-chain standard
Uniswap Price Analysis| Tradingview
Along with most major altcoins, Uniswap has trended sideways since the completion of Bitcoin’s fourth halving. THE UNI price the resonance between $8.35 and $6.6 over the past six weeks creates a narrow range formation on the daily chart.
However, in the context of the recent market recovery, the Uniswasp coin showed a notable rally from $6.73 to $9.37, recording a weekly gain of almost 40%. This rally broke above the upper resistance at $8.35, releasing the built-up momentum for a higher rally.
Furthermore, Uniswap Labs introduced ERC-7683 in collaboration with Across Protocol, a new standard for cross-chain intent aimed at addressing blockchain fragmentation. This proposal envisions a universal backfill network to facilitate seamless cross-chain transactions. Users can sign cross-chain orders handled by fillers, with funds held in escrow until the transaction is completed.
A transaction contract ensures the safe and efficient conclusion of transactions. This initiative aims to improve interoperability between different blockchains, simplifying cross-chain interactions and advancing the DeFi ecosystem.
This development will increase the utility of the UNI token and trigger a natural growth in its market value.
If UNI price breaks out of the breakout from $8.35, buyers would have adequate support to drive a rally from $10.3 to $13.3.
Read also: Crypto Price Prediction 5/21: Ethereum ETF Hype Fuels Major Market Rally
Technical indicator
- Exponential Moving Average: The slope of the 50 and 200 day EMA at $8.35 creates strong support for buyers in case the price returns for a retest.
- Relative Strength Index: Notable higher lows (bullish divergence) in the daily CSR The slope, when it jumped above the 60% threshold, accentuates the increase in buying pressure from traders at the bottom of $6.6.
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