The Uniswap (UNI) price has overtaken the key hurdle of $10 and replicated sharp volume buying activity this week.
The token gained bullish momentum after the Well notice reply to SEC, and follow-on buying was witnessed.
The UNI token has also crossed its key moving averages and replicated a double-bottom breakout on the charts. Buyers looked strong and were eyeing to overtake the $13 mark in the supply zone.
At press time, the Uniswap crypto (UNI) price traded at $10.97 with a sharp intraday gain of 18.10%, reflecting strong bullish momentum on the charts. It has a monthly return ratio of 42.20% and 121.20% yearly, revealing a short-term uptrend.
The pair of UNI/BTC is at 0.000159 BTC, and the market cap is $9.69 Billion. Analysts are bullish and suggest that the Uniswap crypto price may stretch the bull rally and will reach the upside mark of $13 shortly.
Unveiling The Potential of Uniswap
For weeks, the Uniswap token persisted in retracing gains and corrected over 48% last month. Afterward, the token made a bottom around $7 and signified strong volume buying from there.
Recently, with the spread of positive news of the Well notice reply to the SEC that the allegations were false. Positive sentiments have triggered the bullish move, and the token has regained momentum.
Meanwhile, it’s a speculative move, and investors need to be cautious now. Still, some key metrics did not turn green and revealed a negative outlook.
Source: Santiment
Ranked at 20 per the market cap, the UNI token has a total supply value of 1 billion and noted a surge in the trading volume of over 48.31% in the last 24 hrs.
The Momentum Indicator (RSI) curve spiked to the overbought zone and witnessed a positive crossover on the charts.
What Does Sharp Price Volatility Indicate?
Following the notable price rise of 40% this week, the price volatility data witnessed remarkable fluctuations and dropped over 23% to 0.21 in the last three trading sessions.
Source: Santiment
Meanwhile, the weighted sentiment data looks positive and retained the midline region, around 0.144.
Development Activity Data Keeps On Surge
For weeks, the development activity of the Uniswap token showed a consistent up move and jumped to the 116 mark, revealing a positive outlook.
Source: Santiment
Additionally, investors have shown their interest and made fresh long positions in the last weeks. The futures OI data surged over 40% to $133.28 Million in the previous 24 hrs, revealing sharp buildup activity.
In a tweet by @Wublockchain, UNI will conduct an on-chain voting on May 31st, laying the groundwork for autonomous distribution and collection.
Uniswap will conduct on-chain voting on May 31st. Despite the previous notification from the US SEC Wells, the Uniswap Foundation continued to move forward. This vote lays the groundwork for autonomous fee collection and distribution; additional votes will be required to turn on…
— Wu Blockchain (@WuBlockchain) May 25, 2024
Source: Twitter
Conclusion
The Uniswap (UNI) token had a strong bullish momentum and delivered a fresh up move in the last trading sessions. Moreover, a trend reversal was seen, and the buyers gained traction.
The support levels for the UNI token are $10 and $9.30, and the resistance levels are $11.50 and $13.
