As Bitcoin continues to struggle to break through 50k, there are other market participants that have already managed to wake up strongly. Such is the case of Uniswap (UNI), capable of resuming its trend, thus looking at the possibility of reaching new all-time highs.
At the time of this writing, UNI is trading at $ 30.81, accumulating a gain of 11.82% in the last 24 hours and 45.50% in the last 7 days.
Thanks to recent growth, this token has just been crowned as the largest among the DeFi, due to a market capitalization of more than $ 16 billion.
As a decentralized exchange, Uniswap was recently displaced by MDEX, a new DEX that runs on the Huobi-sponsored Heco chain.
Despite this, Uniswap’s leadership within the sector remains unquestionable. It recently became the first DeFi platform to accumulate a total volume of more than $ 100 billion, which speaks to us of massive adoption.
Let’s get to the point, see how the price is behaving and where it is going.
Uniswap (UNI) finishes a short fix and is ready to set new highs
After making a small retracement of the medium-term trend, UNI picked up enough demand to quickly tell us that this process is now complete.
Although it is not a big correction, reaching the 38.20% Fibonacci level of the last impulse tells us that it is sufficient and even healthy.
We are now seeing the resumption of the parabolic uptrend that the price brings. This new momentum may take us to a price quite far from the current one.
Bulls show a clear superiority in strength
Last week as the entire crypto market corrected, Uniswap’s UNI did not escape this sentiment and went to visit the surrounding support zone at $ 18 in a matter of hours.
However, the strength of the sellers in this decline was not too great, prompting strong rejections of short-term bearish intentions.
The strength of the decline compared to the previous bullish momentum told us that it was not something really worrisome, and today we see how this analogy pays off.
The bulls have again made new lows and higher and higher on the daily chart. The trend is clearly bullish for the near future. Setting new price records will not be a problem for UNI’s price.
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