- The UNI token price has given a breakout from the falling wedge pattern at $6.27098.
- The current market price is reflecting bullish sentiments.
The UNI crypto is a native token of a decentralized trading protocol “Uniswap”. It is primarily known for facilitating automated trading for decentralized finance (DeFi) tokens. The Uniswap protocol was created by the developer of Ethereum “Hayden Adams” to introduce AMMs to a wider audience through Ethereum. The maximum supply of Uniswap tokens is around one billion and is available on major exchanges like Binance and Coinbase.
The Last Six Months Profits of UNI Token Price are Around 60%
The UNI token has experienced a massive fall on August 2, 2022. Afterward, it got a very strong bullish reaction from the $-0.01753 support level. This scenario has hugely changed the market sentiments of crypto traders.
Since then, bearish movements of the price have gotten very weak and it took ten months to reach the $3.90178 demand level. This level is very important for the current market price because the initial reaction from this level led the UNI token price upward by nearly 80%.
As a consequence, the buyers took long positions on that demand level and surged the UNI token price 114% to the $8.14933 resistance. It is currently holding the price from breaking above. However, it has already given a breakout of the falling wedge pattern.
Currently, the price is trading at $7.61963 and the 24-hour trading volume has declined by 2.20% at the time of writing. The trading volume and the market capitalization are ranking 89th and 22nd among the 8,821 active cryptocurrencies.
Technical Analysis of the UNI Token Price
The 50-Day EMA had a bullish crossover with the 200-Day EMA at $5.10503 reflecting an uptrend. The UNI token price fell below the 50-Day EMA and now rebounded by getting a bullish reaction from the 200-Day EMA showing strong buy signals.
The UNI token price has given a breakout from the falling wedge pattern at the $6.27098 level. Previously it formed a short-term high at $7.14315 which also got broken by a strong bullish candle on February 15, 2024, reflecting bullishness.
At press time, the price is trading at $7.61963 and is facing resistance from the $8.14933 level. However, the current market strength can lead to the breakout of that resistance and soon, it may rise toward the $9.62236 resistance.
The relative strength index (RSI) slope is moving parallel to the spot price chart indicating a balanced perspective on the current trading session. The RSI is sloping at 68.27 slightly below the 70-mark upper band.
Conclusion
The UNI token price has been performing in a bullish trend since October 2023. Recently, it has given a breakout from the falling wedge pattern which became a positive indication as per the price action. The UNI token price may soon break the immediate resistance of $8.14933 and may reach toward the $9.62236 resistance.
Technical Levels
- Resistance Levels: $8.14933 and $9.62236
- Support Levels: $5.53069 and $3.90178
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.