- The Uniswap price gained immense bullish momentum and was on the verge of a breakout.
- MVRV ratio at 2.90% suggested a potential upside ahead.
Uniswap (UNI) has been gaining attention as it approaches its supply zone around the $8 mark.
A golden crossover between 20 day and 50 day EMA levels was observed, and UNI crypto was poised to extend the rally toward the $10 mark ahead.
Since the beginning of September 2024, UNI has continued its recovery. The Uniswap price has surged more than 35% from the support zone of $5.
A rising channel was formed, and the UNI crypto reached the edge of a breakout zone.
The ongoing bullish momentum and a four-day bullish streak conveyed the buying interest. It also suggested further possibilities for growth.
Keep on reading to learn how the UNI crypto price may perform in the near future.
Uniswap Price At Press Time
The Uniswap price was trading at $7.86 at press time. It recorded a rise of over 8% intraday and 18% weekly. With a market cap of $7.07 Billion, Uniswap was positioned as the 22nd largest crypto.
The circulating supply of UNI is 897.94 Million, and the volume-to-market cap ratio is 0.0261.
A reputed crypto expert, “Crypto Winkle,” In his recent post on X, said that UNI crypto was looking bullish and primed for a breakout.
It recently bounced off from the support zone and exhibited strong buying interest.
With solid fundamentals, UNI price surges looked possible. Moreover, UNI could see a rally toward $9.70, followed by $13.40 in the upcoming sessions.
Furthermore, CryptoJack, a renowned crypto advisor, guided his bullish view on UNI.
He stated that he made a long position on UNI and saw an upside target of $12 for the following sessions.
Interestingly, the UNI crypto price attempted to cross the previous three months’ highest trajectory of $8 and was looking for a massive rally ahead.
Uniswap Price Analysis: Is a Breakout Imminent?
Uniswap crypto was moving within the rising parallel channel, and a bullish crossover was witnessed.
A recent sharp follow-on buying action hints at the growing investor optimism for a breakout rally.
Data from Santiment reveals that the Market Value To Realized Value (MVRV) ratio sharply surged to 2.85% alongside a price surge of 12% in the last three days.
This spike indicated a significant portion of UNI holders are now in profit.
Typically, when MVRV ratio increases, it signals that more investors are making profits.
Additionally, the RSI line soared to 64, indicating a significant buying pressure.
A hidden bullish divergence was exhibited, revealing a possibility of an upcoming rally ahead.
The Moving Average Convergence Divergence (MACD) indicator also pointed out bullish histogram readings, signifying a positive outlook for the Uniswap Price.
The Awesome Oscillator (AO) readings were noted around 0.32. When readings are above the zero line, it means that momentum is bullish.
That indicates the current bullish wave may spurt further gains ahead.
Furthermore, the Open Interest (OI) surged over 29.83% to $114.84 Million, indicating a sign of long buildup activity.
Over $536k worth of short liquidations were also in trouble, whereas around $39.78k of long liquidations were enjoying their gains.
The immediate support zones were $7.50 and $7. The Uniswap price might face upside hurdles around $8.40 and $9.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.