Uniswap Price Broke Below $13.00 POI, Will It Surge Further?

• A decrease of 9% has been observed in the UNI token price during the weekly trading session.
• Uniswap market capitalization has reached $6.77 Billion with a 9.86% drop.
• The trading volume of UNI tokens surged 43.05% in the last 24 hours.

Launched in November 2018, Uniswap (UNI) provides automated trading in decentralized finance (DeFi) tokens. It is a popular decentralized trading protocol, an example of an automated market maker (AMM). UNI is the native token of this protocol, which requires Ethereum to function. The protocol aims for transparency in automated trading for anyone who holds tokens.

Uniswap Provides 163.56% Returns In The Last Six Months

UNI token price experienced the first potential bullish reversal from the $3.61 support in June 2023. Afterward, the price gained momentum in November 2023, reflecting over 43% returns and 21.24% in December 2023. It made a bullish correction in January 2024.

That resulted in a decline of 16.99% in the token price during January 2024. However, the Uniswap price has witnessed a remarkable positive change in February 2024. The price recovered over 85% and has been facing some profit bookings since March 2024.

The total diluted valuation of the decentralized protocol is estimated at $11.28 Billion. The maximum supply is locked at 1.00 billion UNIs. 598 million UNIs are in current circulation, which hardly covers 59.87% of the maximum supply.

Price to Volume and Social Dominance Analysis

Uniswap social buzz captured the public attention after February 19, 2024. Social dominance rose by almost 1.84% in the crypto-digital world. However, the dominance has been affecting parallel to the volume, indicating crypto social importance.

24-hour trading volume has reached $237 Million, and the volume-to-market capitalization ratio (VMR) is 3.31%, highlighting stable liquidity.

Technical Analysis Of Uniswap (UNI) Price

The long-term outlook lies above the key exponential moving averages on the bullish side. The 50-day and 200-day EMAs have been acting as dynamic support for the price. UNI price made multiple retracements on the 50-day EMA and bounced back.

Uniswap price experienced a massive buying on February 23, 2024. The price surged over 50% and broke above the $8.09 crucial resistance in a single day. Recently, crypto traders observed sharp profit bookings from the $17.05 resistance, resulting in a decline of 39% to the $10.15 bullish POI. The price can surge up to $19.16 if the price closes above $14.74. However, a sharp fall could be seen if the price slips below $10.15.

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Moreover, the relative strength index (RSI) reflected an internal bearish divergence in the price momentum. It shows strong selling momentum in the current trading phase. The RSI is moving at 43.31 below the signal line.

Summary

The Uniswap token price has been performing with bullish sentiments since November 2023. The price has delivered over 176% returns since then. At press time, the price faced selling pressure from the $13.00 supply. UNI could surge to $19.16 if the price closes above $14.74. On the flip side, a sharp fall can be seen if the price slips below $10.15.

Technical Levels

• Resistance Levels: $17.05 and $20.12
• Support Levels: $10.15 and $8.09

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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.