Uniswap (UNI) Price Rally Can Extend Another 50% to $10

UNI, the native cryptocurrency of the decentralized trading protocol Uniswap, has made a strong move gaining 25% over the past week. At press time, the Uniswap (UNI) price is trading at $7.77 with a market cap of $4.6 billion. The UNI price sees a partial retracement after hitting a high of $8.20 earlier today.

Uniswap (UNI) Price Can Rally to $10

In a recent analysis, crypto analyst Ali Martinez highlighted a significant development for Uniswap (UNI). The cryptocurrency has effectively transformed a crucial supply barrier at $7.23 into a support level, backed by the holdings of over 20 million $UNI across 3,500 addresses. With no prominent resistance in the immediate path, this positive shift in support suggests the potential for UNI to make a bullish move, aiming for a target of $10.

Courtesy: Ali Martinez

From a technical perspective, Uniswap (UNI) is navigating a trading range with a support level of $4.364 and a resistance level of $8.445. The prevailing trend signals a bullish trajectory, as indicated by the 10-day Simple Moving Average (SMA) comfortably positioned at $6.7, notably higher than its 100-day counterpart.

The Relative Strength Index (RSI) registering at 74.465 and the Stochastic %K at 83.459 suggests an overbought scenario, emphasizing strong investor interest in UNI. The robust bullish momentum is further affirmed by the Average Directional Index (ADI) at 28.73 and the Commodity Channel Index (CCI) at 200.068. The MACD and Momentum values, standing at 0.368 and 1.973, respectively, reinforce this positive sentiment, portraying a market riding on optimism and confidence.

Courtesy: Trading View

Looking ahead, a successful breach of the $8.445 resistance could propel Uniswap (UNI) toward its next significant target at $11.283. This optimistic scenario relies on sustained positive sentiment and technological advancements resulting from recent partnerships. Conversely, any adverse market shifts might prompt UNI to test the $4.364 support. A break below this level could lead to a further decline towards $2.769, especially if the prevailing overbought conditions trigger a market correction. Uniswap’s (UNI) current trajectory not only reflects numerical dynamics but also signifies the growing interest and confidence in decentralized finance.

Key Developments and Growth

In addition to financial gains, Uniswap has broadened its user support by integrating several new features. Notably, the decentralized exchange (DEX) has extended its reach into the Bitcoin ecosystem by establishing a presence on Rootstock, a sidechain interconnected with the world’s largest blockchain network.

Initiated by GFX Labs, the developer behind the Oku trading engine, this endeavor equips users with advanced functionalities, allowing for seamless management of positions, order placement, and analytics monitoring on Rootstock.

Last month, Uniswap Labs also introduced its new Android mobile wallet app, providing users with the ability to make swaps and enhancing accessibility to the decentralized finance (DeFi) realm. The recent Android app launch follows a closed beta in October and an iOS version introduced in April, underscoring Uniswap’s dedication to expanding its user base.

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