#Uniswap grew exclusively against the background of the recovery of the cryptocurrency market.
The $UNI index rose 77.8% and broke above the neckline of the inverted head and shoulders structure.
#coinglass reports that #Uniswapâs 's OI increased from $89.21 million to $151.75 million in a matter of days.
UNI, the governance token of the decentralized exchange Uniswap, bucked the broader cryptocurrency market trend with a significant price surge, outpacing major cryptocurrencies.
The #TradingView data illustrates how the price of UNI rose while other leading cryptocurrencies, including Bitcoin, trended lower.
Notably, on June 12, UNI bounced off support in a classic reversal pattern, initiating a 5-day continuous rally, with the price consistently closing above the open. Uniswap rose more than 37% during this period amid widespread pullbacks across the cryptocurrency market ecosystem.
Given traditional chart patterns used for technical analysis, the recent surge in UNI reflects a break above the neckline of an inverted head and shoulders structure. This represents a classic bullish move that could trigger a potential rally and the next leg of a classic uptrend.
Closer observation shows that Uniswap began to recover on May 15 after bouncing off the $6.73 support that marked the bottom of its latest corrective trend.
The recent surge in UNI price represents a 77.8% rally and a retest of the $11.9 resistance. Continuation of the upward trajectory could push UNI into a new phase and move towards $24, breaking through several resistance levels.
Meanwhile, Uniswap's open interest has increased significantly, fueling the digital asset's bullish momentum. Data from Coinglass shows that UNI's open interest jumped from $89.21 million on June 12 to $151.75 million at the time of writing. This rise signals growing investor interest in UNI, suggesting an upcoming price rally or increased market activity on the decentralized crypto exchange. Additionally, Uniswap recently integrated the #ZkSync protocol into its platform. The update allows Uniswap users to exchange and provide liquidity directly through the platform's interface. Analysts expect the integration to attract organic demand for the UNI token.
