Uniswap (UNI) Bounces Off Key Support, Contemplating Potential 53% Surge

  • UNI price contemplates an upward move as the alt bounces off the 3-day demand area, stretching between $7.31 and $9.70.
  • Transaction data shows UNI can retest the $15 level before encountering a massive resistance barrier.
  • A 4hr candle close beneath $7.31 will annul the bullish narrative.

Uniswap (UNI) hits a vital support zone after piercing the level a while ago. This upswing might catalyze UNI towards higher highs. Furthermore, the ongoing bullishness in the overall marketplace will back Uniswap’s uptrends.

UNI Targets Full-Blown Upsurge

Uniswap saw its price piercing the 3-day demand territory, stretching between $7.31 and $9.70, maintaining within the region for over one week. The latest bullishness saw the altcoin rallying higher, contemplating a slight correction before triggering new upside actions.

The altcoin will likely overpower the nearest obstacles at $10.31- $11.78. That will see UNI attacking the weekly resistance hurdles within $13.88 – $14.97. The next upsurge can slice past these barriers to explore the $15 value area.

However, Uniswap will likely move past these levels, resulting in a local high. IntoTheBlock’s GIOM model supports this 53% optimistic surge for UNI price. The index indicated that the altcoin will not encounter substantial obstacles until $15.60.

Here, nearly 30,100 addresses that bought around 69.82 million coins are out of money. Therefore, Uniswap moving to this zone might see underwater traders attempting to break even.

The transaction data presents a clear road to $15. Moreover, the surge in new addresses entering the Uniswap blockchain backs the bullish case. The 130% surge to 644 from 292 shows market players are interested in UNI at the current price.

Uniswap attained its bullish outlook as Bitcoin recorded steady increases since yesterday. That way, a sudden shift in the BTC trend might mean turmoil in the altcoin market. That would see UNI dropping to lower levels. However, a 4hr candle close under the 3-day demand territory’s lower limit near $7.31 will form a lower low, invalidating the bullish narrative.

The overall crypto market sustained a bullish outlook within the past 24hrs. The digital tokens’ global market cap hovered near $1.90 trillion at this publication, following a more than 10.5% increase.