UNI’s price woke up yesterday as the volume of transactions on the Uniswap exchange where it is native to also rose strongly.
At the time of this writing, UNI is trading at $ 35.25, accumulating a gain of 5.98% in the last 24 hours and 15.70% in the last 7 days. Here is a technical analysis of this token to discover where its price is heading.
UNI crosses the important resistance located at $ 35
With an upward jump of 22.64% during the session yesterday, the Uniswap token managed to cross the most relevant resistance that could hinder the price, close to $ 35.
Even though we saw a break at this level, we are still seeing the bulls having a bit of a hard time getting through it for good.
Today the price direction is being bearish, but very slight if we compare it with yesterday’s strength.
We will most likely see a bullish continuation soon. The problems we are seeing to get through the supply zone is nothing more than a consequence of some profit taking.
The succession of ever higher lows and highs on the daily chart managed to maintain the short-term uptrend, and with yesterday’s awakening we can now see bigger impulses ahead.
After a major correction, now the Uniswap token is ready to go higher
When we look at the UNI vs USDT weekly chart, we notice a strong medium-term bullish direction, currently developing momentum.
After a big rise since the beginning of this 2021, the price started a quite important correction at the end of February.
Now we notice a healthy retracement that went to visit 50% Fibonacci, and after starting to leave rejection of low prices, a new momentum started and is still developing.
This bullish process should bring UNI to a low of $ 40.75 in the short term. Higher up the next target is $ 51.75.
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