Is Uniswap's 30 percent rise the start of a broader rally? We think it is...
UNI has bounced strongly from the key support level of key8.64.
indicators in the chain indicate growing interest from institutional investors and major players.
While most #altcoins are trying to maintain their positions in the current bear market, #Uniswap [UNI] is bucking the trend.
After rebounding from the critical support level of 8.64, #UNI continued to rise over 30% and tested the local high of 11.50 at the time of publication.
The key question is whether UNI will be able to accumulate the strength to overcome this critical resistance level and continue rising to a higher target. At the time of publication, Uniswap's technical parameters seemed to indicate a potential #token breakout.
It is worth noting that Uniswap's stochastic RSI showed an overbought market at the time of the press conference - historically, this indicates a bearish trend. However, in the context of UNI's current uptrend, this could be a sign of growth in general, and only a short-term correction.
Overbought conditions in bull markets often precede further price increases as momentum builds.
An AMBCypto analysis of altcoin whale activity reveals a surge in large UNI transactions, with an increase of over 255% in the last 24 hours.
This indicates growing interest from institutional investors and large players, who may be preparing for the next stage of the token rally.
Short-term pullback or deeper correction?
Interestingly, according to IntoTheBlock, the inflow of funds to the Uniswap exchange has increased over the past 24 hours.
This could indicate that market participants are preparing for potential breakouts, which could add to the bullish sentiment in uni. However, Santiment data also showed a sharp decline in the number of uni holders since the 20th.
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