- Uniswap (UNI), the native token of the world’s largest decentralized crypto exchange, has recovered robustly from its low in the previous month, soaring by 66% to its current value of $6.04.
- The uptick in UNI’s price is attributed to the development of Uniswap Version 4 and a significant increase in trading volume on the leading decentralized exchange (DEX).
The crypto market has been set ablaze by Uniswap (UNI), the native token of the world’s largest decentralized crypto exchange. After a severe sell-off on June 10th, UNI’s price has made a commendable recovery, skyrocketing by 66% to its current price of $6.04.
Uniswap Breaks Free From Past Lows
Following a period of turbulence, Uniswap has managed to distance itself from the previous month’s low. The beginning of the month saw the UNI price reclaiming its red downward trend line, followed by a breakout over the average line of the last 200 days (EMA200) in recent trading days.
This liberation has markedly brightened the token’s chart picture. One possible reason for this upswing is the development of Uniswap Version 4, showcasing the continuous innovation of the platform. In addition, the significant surge in trading volume on the leading DEX appears to be bearing fruit.
Despite a potential new crypto law in the United States posing additional headwinds for projects in the decentralized finance (DeFi) realm, the confrontational stance of US politics hasn’t dampened the UNI’s price evolution.
As speculated in the last price analysis on June 13th, the sell-off from the previous month appears to have been halted for now. If buyers manage to stabilize the price above the cross support from EMA200 and horizontal support in the orange zone, we can anticipate a further price increase towards the Golden Pocket at $6.61.
UNI/USDT Analysis Reveals Bullish Targets
Based on the UNI/USDT pair on Binance, bullish targets are set at a range between $6.48/$6.67 USD, $7.38/$7.65 USD, up to $13.01 USD. The UNI price has increased by 3.4 percentage points in the last 24 hours, resulting in a weekly gain of 13.8 percent.
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If Uniswap stabilizes above the orange support zone, the upward movement is likely to extend towards the yellow resistance area between $6.48 and $6.67. A short-term direction decision is expected in the area of the Golden Pocket, a zone that has acted as a significant price hurdle multiple times in March and April.
In the event that Uniswap successfully conquers this chart area at the daily closing price, the buyers’ camp could set its sights on the annual high between $7.38 and $7.65. From there, an optimistic scenario would propel the token towards the summer highs of 2022 between $8.99 and $9.28, and possibly even as high as $11.00.
On the downside, if UNI slips below the EMA200, a new price consolidation may be triggered. The bear camp, despite having to let the buyers’ side prevail recently, will be keeping a keen eye on any potential opportunities to seize control.
Unfolding Chart Patterns and Indicators
The daily chart’s Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate stable buy signals, albeit appearing slightly overbought in the short term. On the weekly chart, the RSI sits on the brink of forming a fresh buy signal, potentially unlocking further price potential.
The crypto market remains on edge as Uniswap, this DeFi behemoth, continues its meteoric rise, ready to shape the future trajectory of the DeFi space.
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