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NEAR Protocol- UNI price action suggested a bullish outlook, indicating a rally to $42 soon.
- Increased network activity and short liquidations suggested the potential for a significant rally ahead.
Uniswap’s native token, UNI, has captured attention as it has shown aggressive buying pressure and retained the 20-day EMA mark. In the last 48 hours, it has surged more than 11% and regained upward momentum.
At press time, the UNI price was trading at $13.63. The token noted a rise of over 2.30% in the past 24 hours. With its 50-day EMA mark supporting the recent retracement, Uniswap crypto recouped its momentum and soared higher.
Its market cap rose to $8.19 Billion, ranked 22nd in the overall crypto market. A consistent rebound above the $15 mark could propel the way toward the $20 mark. It could potentially retest the previous month’s higher trajectory.
Analyst Predict a Potential Pump: Here’s What to Watch
Amidst the sharp recovery over the past 48 hours, crypto experts also shared their opinions. Javon Marks shared his analysis on X.
He mentioned that despite the market turnaround, Uniswap’s crypto price still holds bullish momentum. Furthermore, its momentum looks bullish on the chart.
According to the analyst, $UNI could rise significantly as it broke out of a long-term descending trendline. Also, it surged by nearly +200% after its breakout and retest.
Amidst the bullish ongoing trend, the follow-on rally was on the horizon. The altcoin may pump over 200% to reach $42 in the next sessions.
Uniswap Price Prediction: Decoding the Charts
Uniswap price prediction unveils a bullish outlook as it returns above the 20-day EMA mark. Despite the uncertainty in the broader crypto market, the UNI price action guided a bullish rally ahead.
It made a double-bottom formation around the $12 support mark and showed a bounce this week. Once it clears the $15 resistance mark, a short covering rally toward the previous month’s high of $20 could be seen.
The Weekly Relative Strength Index (RSI) had a reading of 55. That implied a bullish outlook and having further room for upside ahead.
Moreover, the On-Balance-Volume (OBV) curve stayed at the higher zones. That revealed the increased accumulation by the market participants.
Notably, the UNI price took support on its midline of the middle Bollinger band. Furthermore, the token re-entered the upper Bollinger band, which conveyed a sustained uptrend.
Key Insights from Derivatives Data: What Does it Suggest?
Data from Coinglass shows that the Open Interest (OI) showed an uptick of over 6.41% to $317 Million. This highlighted increased investor participation and long additions in the past 24 hours.
Also, the Long/Short ratio surged to 0.99, with 52.87% of long contracts compared to 47% of shorts. That suggested a bullish outlook.
Furthermore, the 24-hour liquidation amounted to $420K, with $240k in short liquidations and $173k in shorts. The larger short liquidations suggested that the recent price rebound caught over-leveraged short traders off-guard.
However, Uniswap crypto’s continued bullish momentum could further catalyze a sustained rally ahead. The immediate support zones were $12 and $10. At the same time, the resistance zones were $15 and $18.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
