Uniswap (UNI) Price Surges Past Key Resistance—Is $50 the Next Target?

Over the past day, UNI's price increased by 17%, making it one of the best-performing cryptos at the moment.

Uniswap (UNI) had a good day on Monday, surging past a key resistance level and notching some of the best gains among the top 100 cryptos.

After rallying by 17% over the past 24 hours, UNI price now trades at $18.34. These gains come after the token price closed above a descending trendline that had been caging prices lower for months.

Now, as UNI price rallies from $8 price support, some speculate that the token could be eyeing the $50 price level next.

UNI Surges Past Key Resistance, Next Target $50?

Like most of the crypto market, UNI had been battered by a descending trendline that connected lower highs and lower lows from March to early November.

After several attempts to break out of this trendline earlier in Q4, UNI finally managed to close above it in mid-November. This breakout sparked a strong rally from the $8.15 support.

After rallying from this key support level, UNI price now trades at $18.34. This recent price movement signals a bullish shift in momentum, especially after the token had been pivoting lower earlier in the year.

Two price levels that have played a significant role in shaping UNI’s recent price movements include the $8.15 support and the $16 price level, which acted as major resistance that finally gave way in December.

As UNI price rallies from the $8.15 support, and continues to trade above the $16 mark, it appears to be eyeing the next resistance level, which lies near previous highs above $20.

If UNI maintains its current momentum, and the broader market continues to rally, some analysts suggest that the token could aim for higher targets, which lie around $50.

Rising bullish momentum comes as more investors are pivoting back into DeFi tokens. UNI has outperformed most other similar tokens, showing that it’s still a major player in the market and more people are buying it too, which helps support the price increase.

From the price charts, it seems like UNI might be turning around after its recent downtrend. As it continues to rally, traders are keeping an eye on the $16 and $20 marks – these could be important stopping points along the way.