Uniswap price is on the cusp of soaring by another 32% after flipping an important resistance level and escaping its six-month correction. UNI token rose to $9.45 on November 6, its highest level since June 27.
Uniswap Price Poised for 30% Rally After Exiting Prolonged Correction
Uniswap, the biggest decentralized exchange (DEX) network, continued its strong rally and remained in a strong bull market. It has rallied by 96% from its August lows, and analysts expect the bull run to continue.
In an X post, a crypto analyst estimated that the coin would rise to $17, which would imply an 83% surge from the current levels.
Another analyst predicted that the coin would jump by between 100% and 120%, highlighting a potential breakout from a symmetrical triangle on the daily chart.
The ongoing Uniswap price rebound was driven by the changing sentiment in the crypto industry after Donald Trump won the closely watched election.
Uniswap is also demonstrating strong fundamentals, with the volume of assets traded on its platform rising to $12.16 billion in the last seven days. According to DeFi Llama, this volume means that it has flipped Raydium, which was the most active DEX network last month. Raydium had a volume of $7.8 billion in the same period.
UNI price surge also coincided with the sharp rebound of its futures open interest, which soared to over $169 million, its highest level in seven months.
UNI Chart Analysis Hints Key Breakout
Uniswap price bounced back after it formed a spinning bottom candlestick pattern on November 4. This pattern is characterized by a small body and small lower and upper shadows and is a common reversal sign.
UNI has remained above the green section of the supertrend indicator. It has also flipped the crucial resistance level at $8.61 into a support level. This was a key point since it was the highest swing on October 22.
It has also jumped above the upper side of the ascending channel that connects the highest swings since Aug. 21.
Therefore, a clean break above the psychological point at $10 will signal potential gains to $12, its highest level in June. Such a move would imply a 30% pop from the present level.
This bullish view will become invalid if UNI crypto price drops below $7.50, the lower side of the channel. If this happens, it will open the door for the coin to fall to $4.7, its lowest point in August.
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