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Uniswap price has seen an impressive uptick, ending a months-long lack of momentum that persisted since early July. Over the past 24 hours, UNI recorded a strong 35% rally, bringing renewed optimism for the altcoin.
This recent surge hints at a sustained rally that could push Uniswap’s price above the $10 mark in the coming days.
Uniswap Has Potential
Uniswap’s market sentiment shows encouraging signs, with the majority of daily on-chain transactions reporting profits rather than losses. This balance indicates that, despite a prolonged period without strong bullish momentum, investors haven’t faced significant downturns. Consistently profitable transactions have kept investor sentiment positive, motivating continued trading activity that supports Uniswap’s liquidity.
Maintaining high liquidity is essential for attracting further investment, as it creates a stable environment for both new and seasoned investors. As profits encourage participation, Uniswap may see a stronger influx of capital in the near term.
Read More: How To Buy Uniswap (UNI) and Everything You Need To Know
The macro momentum for Uniswap points towards potential growth as technical indicators, like the Exponential Moving Averages (EMAs), suggest an impending Golden Cross. Uniswap is currently experiencing a Death Cross, which was formed three months ago when the 50-day EMA crossed below the 200-day EMA, signaling bearishness.
However, the recent 35% rally has closed the gap between these EMAs. This is creating conditions that could soon yield a Golden Cross, a bullish signal for future price increases. A Golden Cross typically signals the end of a downtrend and the beginning of an uptrend, often attracting more investor attention.
UNI Price Prediction: Up Next, $10
Currently trading at $9.19, Uniswap’s 35% increase over the past 24 hours has enabled it to reclaim the $9.09 support level. Holding this support is crucial for Uniswap to sustain its current momentum, as it allows the altcoin to attempt further price gains in the short term.
Uniswap’s next target is breaking through the resistance at $10.06, a level it hasn’t tested in nearly five months. Successfully flipping this into support could pave the way for additional upward movement, further strengthening UNI’s bullish stance and inviting more market participants to buy in.
Read More: Uniswap (UNI) Price Prediction 2023/2025/2030
However, if Uniswap fails to maintain $9.09 as a support level, a potential drawdown could pull the price down to $8.23 or lower. This drop would invalidate the current bullish outlook, indicating a need for consolidation before the next rally attempt.