Uniswap (UNI) Surged Over 25% This Week: What’s Cooking In It?

• 1 Uniswap revealed a positive start and surpassed the $10 mark this week.
• 2 Fueled by a gigantic follow-on upmove, the UNI token is eyeing reaching the $15 mark this month.

Uniswap (UNI), a prominent decentralized exchange token, has regained fresh buying momentum and revealed follow-on buying activity this week.

Following the noteworthy rebound from the 100-day EMA and an inside bullish bar, bulls have shown their presence and fueled the buying pressure, which led the UNI price beyond the primary hurdle of $10.

The Uniswap price has recently escaped the consolidation range and the trendline hurdle of $8.50. Afterward, the buyers continued to pull the trigger of buying and stretched the gains.

The ongoing sentiment is positive, and the price action signifies that it could possibly extend the gains toward its primary hurdle of $13 shortly. Additionally, if it succeeds in closing above it on a weekly basis, it may retest the supply region of $15 soon.

At press time, the Uniswap (UNI) price traded at $10.95 with an intraday surge of 1.89%, reflecting buying momentum on the charts. It has a monthly return ratio of 48.30% and 146.20% yearly, reflecting a short-term bullish structure.

The pair of UNI/BTC is at 0.000165 BTC, and the market cap is $9.68 Billion. Analysts are neutral and suggest that the UNI price may continue to sprint ahead and reach the $13 mark shortly.

Is Uniswap Targeting the $15 Mark This Month?

Based on this week’s bullish projections, the Uniswap token is set to ascend the gains and will likely lift them toward its supply region of $15 by the end of this month.

Interestingly, the buying activity was done with a significant surge in volume, which gives conviction to the further surge.

Its trading volume rose over 36% to $344.98 Million, and the market cap rose over 1.50% in the last 24 hours.

Source: TradingView

A clean reversal was spotted on the charts, and the token has climbed above its key moving averages. Additionally, it decisively held gains above the $10 mark, signifying the bullish momentum.

Amidst the market volatility, the UNI token has persisted in extending its gains throughout this week, which has revealed the buying pressure.

Notably, the token was ranked at 18 per the market cap and has a total supply value of 1 billion. Nonetheless, the token delivered bullish swing moves and has defied the selloff this week.

The Relative Strength Index (RSI) curve has depicted a positive crossover and soared to the overbought zone. Likewise, the MACD indicator reflects a bullish crossover.

In his recent tweet, Daan Crypto Trades says, “The strength here is noteworthy with the Fee Switch Proposal looming/discussed.

Makes you wonder if it will actually pull through. Just speculating here though 🙂

If activated, depending on the amount of fees shared, we might see a big repricing being done one day.

Uniswap does $50B-100B vol monthly.”

Source: X

Lookonchain, in his tweet, highlighted a notable transaction activity: Amber Group has withdrawn over $10.6 Million of Uniswap from Binance in the past hours.

Source: X

Surge in Development Activity and Futures OI Data 

Following the price upmove this week, the development activity data witnessed a positive move and surged over 12% to the 97.4 mark, highlighting an optimistic outlook.

Source: Santiment 

Similarly, the futures OI data reflects fresh long additions this week; the open interest value soared over 3.20% to $74.93 Million in the last 24 hours.

The immediate support levels for the Uniswap token are $10 and $9.20, whereas the key upside hurdle is around $11.80, followed by $13.

Conclusion

The Uniswap token price climbed above the key moving averages and is directing the bullish momentum. With the fresh upswing above the $10 mark, sellers are looking into trouble and might cover their positions, pushing the UNI price beyond the $12 mark shortly.

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.