Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
UNI Token Soars Amidst Wider Crypto Market Pullback

UNI Token Soars Amidst Wider Crypto Market Pullback

CoineditionCoinedition2024/06/17 14:25
By:Ikemefula Aruogu
  • Uniswap surged exceptionally amid a retracing crypto market.
  • UNI surged 77.8% to break above the neckline of an inverted head-and-shoulders structure.
  • Coinglass reports that UNI’s OI rallied from $89.21M to $151.75M in a few days.

UNI, the governance token of the decentralized exchange Uniswap, has bucked the broader crypto market trend with a significant price surge, outperforming major cryptocurrencies.

TradingView’s data illustrate how UNI’s price surged while other top cryptocurrencies, including Bitcoin, trended downwards.

Notably, UNI bounced off support on June 12 in a classic reversal pattern, initiating a 5-day continuous rally, with the price consistently closing above its opening value. Uniswap gained over 37% during this period amid widespread pullbacks across the crypto market ecosystem.

Considering traditional chart patterns used for technical analysis, UNI’s recent surge reflects a break above the neckline of an inverted head-and-shoulders structure. This represents a classic bullish move that could trigger a potential rally and the next leg of a classic uptrend.

A closer observation shows Uniswap began the recovery move on May 15, following a bounce off the $6.73 support, which marked the bottom of its last correction trend.

UNI’s recent price surge represents a 77.8% rally and a retest of the $11.9 resistance. Continuing the upward trajectory could propel UNI into a new phase and a move toward $24, overcoming multiple resistance levels.

Meanwhile, Uniswap’s open interest has increased significantly, contributing to the digital asset’s bullish momentum. Coinglass data shows that UNI’s open interest jumped from $89.21 million on June 12 to $151.75 million at the time of writing. This increase signals growing investor interest in UNI, suggesting an upcoming price rally or heightened market activity on the decentralized crypto exchange.

Additionally, Uniswap recently integrated the ZKsync protocol into its platform. The update allows Uniswap users to swap and provide liquidity directly through the platform’s interface. Analysts anticipate the integration will attract organic demand for the UNI token.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitwise files Dogecoin ETF registration, firm confirms

Dogecoin is the seventh-largest cryptocurrency by market cap, currently sitting around $54 billion.Doge has taken on new life in recent months thanks to the establishment of the Department of Government Efficiency.

The Block2025/01/23 00:44

Bitcoin (BTC) Surges to New ATH Amidst Declining Sell-Side Pressure

Bitcoin reaches a new all-time high of $109k after months of consolidation. Analysis reveals diminishing sell-side pressure and signals of potential market volatility, according to Glassnode.

Blockchainnews2025/01/22 22:22

Canaan Inc. Reports December 2024 Bitcoin Mining Updates and FY2025 Financial Outlook

Canaan Inc. reveals its December 2024 bitcoin mining performance and outlines financial projections for FY2025, aiming for significant revenue growth and mining expansion.

Blockchainnews2025/01/22 22:22