The price of Uniswap (UNI) recently saw a period of volatility marked by a parabolic run and subsequent correction. Crypto Expert Lucky has highlighted the coin’s bullish potential on X, drawing focus to its recent price movements and the broader excitement surrounding meme coins on the SUI network. With support levels holding steady and bullish momentum building, market participants are watching for UNI’s next move.

Uniswap (UNI) Recent Price Movements and Trends

The chart analysis reveals a clear progression in UNI’s price action. It began with a significant downward trend, attributed to selling pressure, which was followed by a prolonged consolidation phase. During this period, prices stabilized around a key support level of $0.002259, indicating strong buyer interest.

A breakout from this accumulation zone propelled Uniswap price into a steep upward trajectory, signaling the start of a parabolic run. However, the surge was met with profit-taking, causing a temporary correction. Despite this, the chart suggests a potential recovery, with projections indicating a target of $0.0500 if the bullish momentum resumes.]

Image Source: X/Lucky Technical Indicators: Support and Resistance Zones

The technical analysis outlines critical levels that define UNI’s price trajectory. The horizontal support level at $0.002259 has proven to be a robust base, holding firm during consolidation. On the upside, $0.0500 emerges as a key resistance level, representing the next potential target for bullish action.

The chart also identifies a descending red trendline from the initial decline and an ascending trendline projecting further recovery. These elements, combined with the rounded bottom pattern observed during consolidation, point to a favorable outlook for UNI’s price movement.

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SUI Network Memecoins and Market Sentiment

Lucky’s tweet highlights growing interest in UNI and the SUI network ecosystem, particularly among memecoins. He notes that many investors missed out on UNI’s initial parabolic run, urging them to conduct their research (DYOR) to seize the next opportunity. The emphasis on community-driven growth and rising anticipation within the SUI network suggests strong sentiment surrounding UNI.

With increased attention on SUI-based tokens and the ongoing development in the memecoin sector, UNI could remain a focal point for traders. However, market participants are advised to stay informed and consider potential risks before entering.

Finally, UNI’s combination of solid technical indicators and growing market enthusiasm positions it as a coin to watch. The ability of the $0.002259 support to hold and a potential breakout toward $0.0500 will be crucial in determining its trajectory. With bullish signals emerging and broader interest in SUI network projects, UNI’s price recovery could pave the way for another strong run.

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