The post After Reaching $10, Here’s What’s Next for UNI Price: Will it Rise to $13 or Drop Back to $8? appeared first on Coinpedia Fintech News
Uniswap, the popular DeFi token, seems to have regained bullish attention as the prices have constantly displayed strength over the past couple of days. The platform witnessed a steep rise in trading volume of over 300% in just a few hours and reached close to $900 million from levels below $300 million. Although the volume has regained its level, the bullish impact of the token continues to persist.
Will the UNI price reclaim the lost levels and form new yearly highs above $15?
After a prolonged consolidation of over 20 months, the UNI price broke above the range and achieved a 2-digit figure. However, the bearish pullback that was initiated in the first few days of the quarter erased most of its gains. Now that the token is constantly printing huge bullish candles, the possibility of achieving a 10% jump emerges.
The UNI price displayed a strong bearish trend after marking the yearly highs, however, a strong rebound was initiated in the second half of May. This displayed a huge growth in the bullish momentum that revived the possibility of achieving higher targets. The price is expected to maintain a strong upswing as the RSI has again initiated a rebound from the ascending support. Now that the price has achieved the crucial $10 resistance, a rise and sustain above $10.5 may offer the required base to keep up the ascending trend.
Secondly, the price has retained the 50-day MA as its strong support after the rebound and hence the bullish continuation may prevail. Among the top 30 cryptos, Uniswap is witnessing a significant crowd FOMO, which has a higher likelihood of a correction with a steep rise in social dominance. However, despite the rise after the 10% jump, the retracement appears to have been accomplished, which may pave the way for a fresh bullish case towards higher targets.