- Uniswap has heavy buying pressure driving its price rally.
- The price was at five-month highs and is likely to climb even higher.
As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that Uniswap’s [UNI] recent price rally is nothing short of impressive. The heavy buying pressure driving its price surge to five-month highs is a testament to the faith investors have in this decentralized exchange.
On Tuesday, the 12th of November, Uniswap [UNI] reached heights not witnessed since almost five months ago. This sudden jump of 17.46% from $9.16 to $10.76 took place within an hour, mere hours before this message was sent out.
From September to October, UNI consistently stayed beneath the $8 resistance mark. However, this trend drastically shifted on November 6th, with the $9 area showing signs of becoming a new support level. Following a brief period of stability, the bulls regained control and pushed prices upward again.
Uniswap reclaims $9 zone as support
After a brief spike, the bulls failed to maintain the $10 mark. Looking at the day-by-day graph, there’s still a strong possibility that the upward trend will persist. The market setup appeared bullish, and the On Balance Volume (OBV) was showing increasing lows, suggesting consistent buying activity.
As an analyst, I observed that the Relative Strength Index (RSI) on Uniswap stood at 68. However, a bearish divergence hadn’t materialized yet. Given this context, it seemed reasonable to anticipate further upward momentum for Uniswap.
According to the Fibonacci analysis, the potential resistance levels for UNI’s price lie at approximately $9.93 and $11.29. On larger timeframes, the recent performance of UNI has not been particularly strong as it had retraced almost all of its February rally by August.
Should traders expect a dip to $9 soon?
According to data from MobChart, there were substantial sell orders at both $11 and $12. Simultaneously, potential buy orders at $9.2 and $9 caught our attention and may be worth revisiting before another upward movement occurs.
Realistic or not, here’s UNI’s market cap in BTC’s terms
Looking at the daily chart for Uniswap, surpassing the 78.6% resistance level at $8 suggests strong optimism among investors. In the upcoming weeks, it’s possible we might see prices testing the range between $11 and $12.
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2024-11-12 22:16