Market cap and price of Uniswap (UNI) surged nearly 5%, with a bullish BTC on the daily chart. It reached 24th position with a $4.55 Billion market cap, but the liquidity was weak at 2.76 in the asset.
Analyst @Altcoin Sherpa shared optimistic views on X for UNI Price. In his post, he stated UNI, one of the oldest tokens on the market, has very compelling reasons for buying it. As it has a high float of supply in people’s hands and has good fundamentals.
Meanwhile, as per CMC, it holds more than 60% of the total supply (at press time).
What Does Fundamental Data of Uniswap (UNI) Signifies?
The number of contract counts building over the Uniswap (UNI) protocol has is 26 times more than in 2021. This indicates the platform’s optimism, shared on X via Uniswap’s official handle.
Uniswap transactions display positivity. As per Defillama, it recorded 126.8 Million transactions at press time, and active addresses are high. The developers’ and developers’ commits show healthy activity going on. As of press time, the monthly commits were 832, and the monthly developers were 46.
Analyst @Altcoin Sherpa explained that the longer the price accumulates, the stronger the next move pumps on the chart. However, he advised that a wise step-in to investment or trading would be when a clear trend has developed (DYOR).
UNI Price Performance in 2024 so far?
Uniswap had a great start to 2024, as from mid-October 2023, UNI price grew over 350%, from $3.70 to $17.10 by March 6th, 2024. At its peak, the UNI’s gains were not stable. The price fell to form a support at a high volume-based profile support of around $11.08, by March 2024.
After sustaining near $11.08, UNI Price fell under a bearish flag pattern by April 9th, 2024 in correlation with BTC.
The intense fall formed support near $6.86 by April 13th. On this level, the price consolidated in a narrow range, and broke out from a descending triangle pattern. The breakout from the descending triangle was displayed after UNI pierced the resistance on May 18th, 2024.
The breakout was strong, which displayed a more than 70% surge up $11.85 by May 26th, 2024. However, UNI’s strength was not enough to pierce the high volume level of $11.85, where the resistance posed a threat.
Thereon, the buyers tried multiple times to break above $11.85, which showed another upward wedge on the chart, which drew a breakdown from June 18th, 2024, onwards. Thus, the breakdown of the channel took the price back to $6.85 by July 5th, 2024.
The price fell to the historical-critical support zone, where massive spikes were seen on the daily chart.
What’s Next on UNI’s Daily Chart?
At press time, BTC had formed support at its 200-day EMA and advanced nearly 5% in intraday. Similar to the BTC movement, UNI price has also grown nearly 5% intraday to $7.612.
If the price rises, surpassing $8.50, it could reach $10.20. On the contrary, if the price slips to $6.86, it could deteriorate further to $5.60, respectively.
The indicators highlight low momentum amid a major bearish trend. The price fell below the 50-day and 200-day EMA bands.
Meanwhile, the MACD was overlapped with a slim histogram width between the dynamic lines at negative 0.01088. The RSI loomed in the oversold territory at 40.91. The overall indication could change only when significant buying would be witnessed in UNI from critical support.
An analyst is bullish on UNI due to strong fundamentals and high transaction volume. UNI price has fluctuated, and is near a support level with indicators giving bearish signals. If the resistance is broken it could result in a positive trend, but it will be the opposite if the support fails.
