At the time of writing, the price of UNI, the Uniswap token is trading at $8.05, with daily losses of 2.97%, weekly losses of 8.17% and monthly gains of 5.83%.
After a bullish streak that took the price to $10.2, the price is facing a pullback that corresponds to a correction.
We can say that UNI moves guided by the general decline that the crypto market experienced last day. Although today most altcoins in the top 20 returned to green numbers, this was not the case for UNI and today it is saddled with daily and weekly losses.
However, in the previous days the price of UNI experienced a notable upward momentum accompanied by important figures:
The data shows that in the last 7 days Uniswap processed $24 billion in volume. While In the month it has handled more than 400,000 million dollars in volume and in all its networks where it operates. The source of the data is the Dune analytics platform.
In this way, the decentralized exchange boosted its token through the activity of various actors. Such activity far surpassed most decentralized exchanges and was only followed by Solana’s Raydium exchange, which recorded $4.5 billion in transactions.
To give us an idea, Uniswap accounts for 26% of the total activity of decentralized exchanges, while Raydium only 23%.
UNI Chart Analysis – Key Signals and Levels to Watch Out for
The price of UNI began to show key movements on November 6, when it stabilized around USD 9 and subsequently rose to USD 10.7, from where it corrected to the current levels.
The token has not been successful in stabilizing above $10 and the bears are in control above that level, which serves as psychological resistance.
UNI is trading below all its EMAs, which shows bearish forces. It also gives us the opportunity to use the 200 EMA or $8.59 as a key level that the price must reach on the way to a recovery.
The last resistance we will talk about is $10.7, a 4-month high and a level not seen since last June.
Above the supports, $7.8 serves as an important support where the price immediately bounced, however, a fall below that level would take the price to $7.17. Breaking this latest support could take the price as low as $6.6 and dash bullish prospects.
Finally, the RSI at 32 points shows that the price, although not in oversold territory, is close to it. So rallies are feasible in the short term.
Analysts predict a significant rise for UNI
Based on chart analysis, several popular analysts predict a strong recovery for UNI. This is the case of user AltcoinView, who predicted a rebound from current levels.
$UNI absolutely smashed right through the resistance and hit all our targets for now at $9,617, $10,098 and $10,579 🚀
If $UNI holds $8,062 we might see another push again towards our previous targets and most likely will chase the highs at $12.
We are keeping a close eye on… pic.twitter.com/TqmghilrId
— AltcoinView (@AltcoinView) November 15, 2024
“UNI completely broke the resistance and hit all our targets for now at $9.617, $10.098 and $10.579. If UNI holds at $8.062, we could see another push towards our previous targets and will most likely chase the highs at $12. We are following UNI closely!
Another user analyst “The Crypto Express”, similarly, identified an upside for UNI based on the popular bullish pattern: inverted “shoulder, head and shoulder”.
“UNI/USDT Here is the possible next move.”
As the Cryptocurrency market shows significant increases, this type of analysis is becoming frequent due to enthusiasm. So traders must discern these analyzes very well before making each movement.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
