Uniswap (UNI) rebounds strongly! Why is the price expected to rise another 30%?
The price of Uniswap (UNI) has broken through multi-month highs, and the recent strong rebound momentum has doubled investor confidence. With strong support from on-chain data, Uniswap's total locked value (TVL) has risen by 30.36% in November and has soared by about 70% so far this year, indicating that the platform's fundamentals remain solid and market sentiment is optimistic.
Technical bullish again!
In the past 24 hours, UNI price has risen sharply by about 10% and has broken through multiple resistance levels. Trading volume has also soared to $1.231 billion, an astonishing increase of +108.08%. In addition, Uniswap has risen by 46.69% this week and has soared by 61.56% in the past 30 days. Year-to-date (YTD), UNI has a return rate of 76.89%, leading the strong performance of the altcoin market.
Bulls are rising again!
From a technical perspective, the simple moving average (SMA) on the 1D time frame continues to support UNI prices, indicating strong bullish sentiment in the market. The MACD indicator is also steadily rising, and the green column continues to grow, showing strong bullish momentum.
Price Target and Support Level
If the market continues to be bullish, UNI prices are expected to retest the key resistance level of $13.50, and further breakthroughs may bring a target of $15.65. However, if market sentiment turns bearish, UNI may retreat to the support level of $11.47, or even fall to around $10.
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