Uniswap (UNI) Price Rally May Increase by an Additional 50% to $10

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Last Updated on December 29, 2023 by Bitfinsider

The native cryptocurrency of the decentralized trading protocol Uniswap (UNI), has gained 25% in the past week, representing a significant increase. As of the time of writing, Uniswap (UNI) is valued at $7.77 and has a market capitalization of $4.6 billion. A partial retracement is observed in the UNI price subsequent to its peak of $8.20 earlier today.

Recent analysis by crypto analyst Ali Martinez emphasized a noteworthy advancement for Uniswap. Subsequent to its effective conversion of a critical supply barrier at $7.23 into a support level, the cryptocurrency is supported by more than 20 million $UNI distributed across 3,500 addresses. This favorable change in support implies that there is no significant obstacle in the near distance, which provides encouragement for UNI to pursue a bullish trajectory with a target of $10.

Technically, Uniswap (UNI) is positioned within a trading range that comprises a resistance level of $8.445 and a support level of $4,364. The current trend indicates a bullish trajectory, supported by the 10-day Simple Moving Average (SMA), which is situated at $6.7, which is significantly greater than the 100-day SMA.

The strong bullish momentum is additionally confirmed by the Commodity Channel Index (CCI) at 200.068 and the Average Directional Index (ADI) at 28.73. The MACD and Momentum indicators, which are currently 0.368 and 1.973, respectively, serve to fortify this optimistic and confident market sentiment.

Achieving a successful breach of the $8.445 resistance in the near term may incentivize Uniswap (UNI) to pursue its subsequent substantial objective at $11.283. Sustained positive sentiment and technological advancements stemming from recent partnerships are prerequisites for this sanguine scenario.

On the other hand, unfavorable market fluctuations could force UNI to examine the $4.364 support. A potential retracement towards $2.769 is a consequence of a breach of this level, particularly if the current overbought conditions precipitate a market correction. The present course of Uniswap (UNI) not only mirrors quantitative dynamics but also represents the increasing recognition and trust in decentralized finance.

By incorporating a number of novel functionalities, Uniswap has expanded its user base in addition to attaining financial benefits. The decentralized exchange (DEX) has significantly expanded its influence within the Bitcoin ecosystem through the establishment of a presence on Rootstock, a sidechain that is interconnected with the largest blockchain network globally.

Commencing with GFX Labs, the organization responsible for creating the Oku trading engine, this undertaking provides users with enhanced capabilities, enabling smooth position management, order placement, and analytics monitoring on Rootstock.

Additionally, Uniswap Labs unveiled its latest Android mobile wallet application last month, granting users the capability to conduct exchanges and augmenting the level of accessibility to the domain of decentralized finance (DeFi). Following the introduction of an iOS version in April and a closed beta in October, Uniswap has demonstrated its commitment to expanding its user base with the recent release of its Android application.

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