UNI spaceship starts engines, suggests 50% rally

  • Uniswap price that triggers the compression upwards after two inner weeks.
  • The world’s largest decentralized exchange (DEX) has been added to Revolut’s banking app.
  • The topside trend line is the first target for the rally.

Uniswap price closed within weeks for the past two weeks, signaling a balance between buyers and sellers. The resulting price compression has been released upwards and brings UNI to new highs. It is only the beginning of the rally that should bring the digital asset to the upper trendline, which is a 50% gain over current price.

Uniswap’s pricing strength needs to achieve greater volume support

Today’s IOMAP (Intotheblock In / Out of the Money Around Price) data provides exceptional support between $ 35.35 and $ 34.50, with over 2.06,000 addresses purchasing 6.89 million UNI tokens. It suggests that any post-breakout weakness that moves forward should be quickly contained.

UNI IOMAP diagram

Like XTZ and Filecoin lately, UNI is facing resistance created by a topside trendline. Suppose the altcoin breaks above the trend line. In this case, it depends mainly on the speed of movement and to a lesser extent on the price movement of Ethereum, the ecosystem where the Uniswap protocol is hosted.

Some resistance may appear on the 161.8% Fibonacci extension of the late March sell-off at $ 46.14, but the huge resistance is at $ 55.88, the topside trendline. A quick liquidation of the trendline releases UNI to test the 261.8% extension at $ 66.44.

UNI / USD weekly chart

UNI / USD weekly chart

The 10 Week Simple Moving Average (SMA) is an extremely important support for any pullback. It currently stands at $ 29.71, slightly above this week’s low of $ 29.53. If the moving average fails, speculators will have to monitor the 38.2% retracement of the 2020-2021 rally at $ 23.47, a loss of around $ 40 from today’s price.

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