Uniswap Price Analysis: UNI Rises To Stardom Amid New Crypto Bull Cycle
- Uniswap lifts to close the gap to $30 after confirming support at $28.
- UNI eyes another massive breakout if the barrier at $30 comes out of the way.
Uniswap, a decentralized finance (DeFi) token, has put up an impressive fight against the beards in the last couple of weeks. According to CoinGecko, UNI trades at $29, following an 11% growth in 24 hours, bringing weekly gains to 30%. At the time of writing, the DeFi token teeters slightly above $29, while buyers look forward to shattering the hurdle at $30.
In the last 24 hours, Uniswap attracted a trading volume of more than $660 million across all tracked exchanges. With a market capitalization of nearly $15 million, UNI holds the first position among the DeFi tokens and the tenth position in the entire cryptocurrency market.
Uniswap Price Ready To Explode
Uniswap is trading marginally above $29 after gaining at least 106% from July lows. The uptrend in the last two weeks has been parabolic and consistent. Initially, bulls struggled with the resistance at $20. Once the barrier was out of the way, investor speculation spiked as bulls eyed $30.
Most of the hurdles are currently out of the way, with Uniswap about to break past $30. The 200-day Simple Moving Average (SMA) can offer higher support, thus preventing a destructive correction from slicing the gains made.
According to the Moving Average Convergence Divergence (MACD) indicator, Uniswap has the potential to continue with an uptrend above $30. The bullish outlook comes after a buy signal flashed in the daily timeframe.
Moreover, bulls got more control as the MACD crossed the mean line into the positive region. As long as this bullish outlook is upheld, Uniswap will keep grinding upward. Note that cracking the immediate hurdle at $30 may trigger massive buy orders as more investors will board the spaceship aiming to renew Uniswap’s glory at the moon.
UNI/USD Daily Chart
IntoTheBlock’s IOMAP reveals immense support accorded to Uniswap. Around 8,400 addresses previously purchased roughly 135 million UNI between $28.17 and $29.14. Moreover, another relatively strong support, highlighted at $27.8, confirms that the path with the slightest resistance is upward, at least for now.
Uniswap IOMAP model
On the upside, the absence of a robust resistance shows that bulls can take down the minor hurdle at $30 and perhaps start another rally. A break into the $30 range would see investors shift their attention to $40.