In the current bullish market trend, many leading cryptocurrencies have witnessed substantial upward momentum. Among these, Uniswap (UNI) has emerged as a notable contender, breaking out from a bullish price action pattern and demonstrating potential for significant growth in the near future.
Traders and Whales Fueling UNI’s Expansion
Uniswap is capturing the attention of traders and investors alike. On-chain analytics firms, such as Coinglass and IntoTheBlock, have reported increased interest in UNI, suggesting a promising trajectory and lucrative buying opportunities.
Surge in Open Interest
Recent data from Coinglass reveals a staggering 25% surge in UNI’s Open Interest (OI) over the past 24 hours. This marks the first time since April 2024 that its value has ascended to $188.07 million. The notable rise in OI indicates heightened trader engagement, likely spurred by optimistic market sentiments.
Involvement of Whales and Institutions
Beyond the activities of traders, substantial involvement from whales and institutions has been observed, as highlighted by IntoTheBlock. Recent statistics show a 45% increase in large transaction volumes of UNI tokens within the last 24 hours. This upsurge in both open interest and transaction volume points to a promising bullish outlook for UNI, suggesting an opportune moment for accumulation.
Technical Analysis and Future Levels for UNI
CoinPedia’s technical analysis indicates that UNI has successfully broken out of a bullish inverted head and shoulders pattern, following an extended breakout from a descending triangle pattern. These dual breakouts are indicative of significant upward momentum expected in the upcoming days. Given the recent price action and historical trends, UNI has the potential to increase by 50%, possibly reaching the $16.20 mark soon. Nonetheless, UNI may encounter resistance around the $12 level in the days ahead.
Moreover, technical indicators such as the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) point towards continued upward momentum, affirming that UNI is currently in an uptrend.
Analyzing Current Price Momentum
As of the latest update, UNI is trading near the $11 mark, experiencing a remarkable 16% price surge in the past 24 hours. Additionally, its trading volume has escalated by 40% during this period, reflecting intensified engagement from traders and investors compared to previous days. This heightened interest and activity signal a robust positive sentiment towards UNI, reinforcing its potential for further growth.
