Uniswap Volumes Grow 126% - Will This Help UNI Reach $12?
Uniswap’s performance declined after the market crash earlier this month, but it is now back in force.
UNI’s price has surged over the past seven days as trading volumes have increased.
UNI is trading with an 11.11% gain on the daily chart. Along with the surge, trading volumes have increased by 126% to $178.6 million.
Despite the recent surge, Uniswap prices are still below the June 2024 high of $11.5, and market analysts are hoping for a return to above $8.
The current market conditions have traders eyeing a buying opportunity, which also sets the stage for further gains for the altcoin. As a result, analyst Nite predicts a 21.62% surge in Bitcoin on their X (formerly Twitter) page,
According to Nite, if UNI stays above the $6 level, it will experience a sustained rally. Additionally, AMBCrypto’s analysis of Market Prophit suggests that sentiment for the altcoin is positive at press time.
According to Market Prophit, Uniswap has a sentiment of 0.09 and a buzz score of 0.97.
Over the past 24 hours, UNI’s price has risen by 8.8%, breaking out of a descending channel. AMBCrypto’s analysis shows that the cryptocurrency is in a strong ascending channel.
Moreover, the $6.4 simple moving average (SMA) is also above the daily price of $6.99. This suggests that Uniswap is facing buying pressure, forming an upward trend.
And the CMF is 0.15, which is positive, further indicating increased buying pressure.
Coinglass data shows that the OI weighted funding rate has been positive over the past 48 hours. This means that more traders are going long (betting on price increases).
A positive funding rate means that long holders are willing to pay a premium to hold a position.
Likewise, liquidations of long positions have also decreased from $2.6 million on August 5 to $26,000 at press time. This further proves the increased demand for long positions, with investors betting on rising prices.
Therefore, if the current market conditions remain intact, UNI will attempt to break through the previous resistance at $8. A break above this level could provide the altcoin with enough strength to rally to $12.
