- Uniswap has recorded an increase of 13.34% in the last four days
- Key indicators show continued bullish momentum and a breakout from $12.
Uniswap [UNI], the decentralized exchange, has been rallying for the past seven days as its price rose over 13%. However, IIn the last 24 hours it has registered a drop of 2.7% after experiencing a price increase the previous day.
In fact, at the time of this publication, UNI was trading at $11 following its latest correction to $6.7. Since starting an uptrend, the asset has gained over 70% in three weeks, pushing prices to $11.9.
AMBCrypto analysis indicates that the current price was 74% below its highest level while enjoying a 2540% rise against ATL. From its lowest price of $6.9 on May 3,
It has recovered 56.4% to $10.92.
The current price indicates a continued uptrend with the potential to break the $12 resistance level. With a 56% rise above the resistance level, prices may surpass $14 with $13.7 as its next possible price change.
Furthermore, the current positive CMF of 0.07 indicates greater buying pressure than selling. Higher buying pressure implies extended accumulation rates rather than sell-offs.
The indicators reinforce the continuity of the upward trend.
Uniswap Market Outlook
Looking further, according to Coinglass, UNI has reported low settlement rates. Data from Coinglass indicates that investors in short positions have the lowest liquidation rates of $2.43 thousand at the time of this publication.
At the same time, long positions have higher liquidity levels of $383,000.
However, overall settlement is low and a further decline is expected. This low liquidation shows stable market conditions, with fewer traders having to sell their positions.
Therefore, low selling pressure helps maintain existing prices and at the same time supports a gradual increase in prices.
Generally speaking, Santiment data on foreign exchange inflows shows a downward trend. The reduction in the inflow of foreign currency implies less selling pressure, which drives up prices.
Lower selling pressure equates to market stability. This data implies that the UNI market is stable and prepared for further price increases, as market sentiment indicates that there is no intention to sell.
Is your wallet green? Review the UNI Earnings Calculator
How far will the bullish momentum continue?
UNI’s current price at $10.9 is testing the resistance level, indicating a possible breakout of the pattern. If it breaks the $12 resistance level, it indicates that buyers could target $17 and surpass it.
If the market breaks a high of $17, it could aim for more than $22 if the exact price change holds.
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This is an automatic translation of our English version.
