As the broader cryptocurrency market displays signs of recovery, the native token of Uniswap, UNI, has broken out of a bullish price pattern. This breakthrough indicates a potential upward trend, marking a significant development following a prolonged period of struggle for the asset since December 2024.
Technical Evaluation of Uniswap (UNI)
According to the technical analysis conducted by CryptoCrypto, UNI recently escaped a descending triangle pattern on the daily chart, reaching the resistance level of $15.20 for the third time since December 2024.
However, historical data pertaining to the crypto did not inspire confidence among bullish investors in light of this particular resistance level.
Predicted Price Movement for UNI
Based on recent price movements of the altcoin, if UNI overcomes the horizontal barrier and manages to close a daily candle above $15.50, there exists a strong likelihood of a 30% surge, propelling it towards the next resistance level of $20 in the foreseeable future.
The recent performance of UNI has been notably impressive, with reports indicating a surge of over 16% in just the past three days.
Furthermore, major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have all experienced substantial price increases of their own, influencing general market sentiment including that of UNI.
With the Relative Strength Index (RSI) currently standing at 56, UNI appears to be comfortably below the overbought territory, suggesting the potential for further upward movements.
Strong Bullish Sentiment among Top UNI Traders
Recent data from the on-chain analytics firm Coinglass indicates a surge in traders’ interest and confidence over the last 24 hours. Notably, the long/short ratio of Binance’s UNI/USDT pair sits at 2.09, underscoring a bullish sentiment prevailing among traders.
Moreover, a significant majority of the top UNI traders on Binance, approximately 67.63%, have taken long positions, while 32.37% have opted for short positions, further reinforcing the prevailing bullish sentiment in the market.
When considering these on-chain metrics alongside the technical analysis, it is evident that bullish investors are currently in control of the asset. Consequently, they could likely drive UNI to surpass the $15 hurdle and reach the anticipated target price.