The post Uniswap (UNI) Price Set for 30% Surge? Key Levels to Watch appeared first on Coinpedia Fintech News

UNI, Uniswap's native token, appears bullish and is poised for massive upside momentum after a prolonged price decline and bearish market trend.

The cryptocurrency market has been experiencing a shift in sentiment, with major coins like Bitcoin and Ethereum showing signs of recovery and forming bullish price action. This shift in sentiment could have a positive impact on altcoins as well, setting the stage for a 30% surge in Uniswap (UNI) price.

Uniswap (UNI) Technical Analysis and Upcoming Levels

As seen in the daily timeframe, UNI appears to be forming a bullish double-bottom price pattern and has so far shown two bottoms. After a sustained decline, the asset is currently in the process of forming the second leg of the pattern.

Furthermore, UNI has formed a bullish divergence, where its Relative Strength Index (RSI) is making a higher low, signaling a potential price reversal.

If UNI manages to hold above the $5.75 level, there is a strong possibility of seeing a 15% surge to reach the neckline of the double-bottom pattern at $7.15. However, if this bullish momentum continues and UNI breaches the neckline, closing a daily candle above $7.15, it could rally another 15%, reaching the $8.25 level in the future.

Uniswap (UNI) Price Analysis: Key Levels to Watch

* UNI is currently trading at $6.21, with a 24-hour trading volume of $189,924,617.

* The world’s largest cryptocurrency exchange by trading volume, Binance, saw a 25% decrease in UNI trading volume over the past 24 hours, leading to a decline in trading activity.

* Despite the decrease in volume, UNI has shown a 4% increase in price over the past 24 hours.

$2.80 Million Worth Long Position

According to Coinglass data, traders have placed a significant Long position of $2.81 million at an over-leveraged price of $5.88 for UNI. In contrast, the short position is relatively smaller, with $400K at an over-leveraged price of $6.33.

This substantial Long position on UNI indicates a strong bullish sentiment among traders, who are anticipating further price gains in the coming days.

As the crypto market continues to recover, and traders grow more confident, we can expect to see even larger and more leveraged positions being opened, which could amplify price volatility and create even more interesting trading opportunities.