Uniswap’s price has experienced a significant rally, surging past a crucial resistance level. The Uniswap token reached $19.44, the highest since December 2021, as the overall crypto momentum gathered steam.
This upward movement coincides with strong inflows in decentralized exchange (DEX) networks. In November, DEX platforms managed a record-breaking $372 billion worth of tokens. Uniswap, in particular, processed $30.86 billion in volume over the past seven days, firmly establishing its leadership. It has outpaced competitors like Raydium and PancakeSwap combined and has facilitated over 465 million trades worth more than $2.36 trillion in its lifetime.
The price is also getting a boost as traders look forward to the launch of UniChain, Uniswap’s independent Layer-2 chain. Currently in the testnet phase, UniChain is slated to go live early next year and aims to offer seamless cross-chain trading on a single platform. Additionally, there is an increasing likelihood that the Trump administration might drop the Securities and Exchange Commission’s case against Uniswap, which alleged the offering of unregistered securities.
Price analysis shows a bullish outlook. The weekly chart indicates a slanted triple-bottom pattern, a bullish reversal sign. The price has broken above the pattern’s neckline at $17.13, signaling bullish dominance. It is nearing the 38.2% Fibonacci Retracement level at $19.23 and has moved above the 50-week moving average. The MACD indicator and Relative Strength Index are both trending upward. Analysts like Crypto Tigers predict a long-term target of $50 for Uniswap, which would require the price to surpass the 50% retracement point at $24 and its all-time high of $45.
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