Uniswap (UNI) Price Breaks Out of Consolidation; A Fresh Upswing of 25% Could Be on the Horizon!

Uniswap (UNI) Price Breaks Out of Consolidation; A Fresh Upswing of 25% Could Be on the Horizon!

The post Uniswap (UNI) Price Breaks Out of Consolidation; A Fresh Upswing of 25% Could Be on the Horizon! appeared first on Coinpedia Fintech News

As the trade heads towards the end of the week, the sentiments are slowly flipping in favour of the bulls. While the major tokens within the top 10 remain stuck within a range, altcoins like Uniswap have triggered a bullish breakout. The UNI price soared above $10, forming a new monthly high at around $10.8. This move has validated a fresh DeFi boom as the market capitalization has risen despite a significant drop in the volume. 

Ever since the spot Ethereum ETF was approved, market sentiments appear to have flipped in bullish favour. After a couple of altcoins made a bullish move, Uniswap’s price gained significant strength and triggered a breakout above the psychological barrier at $10. This has validated the beginning of a fresh bullish spell that may cause a rise of nearly 25% which may cause a price rise above $13.5. 

If this move materialises within the next few days, can the bulls lift the levels above $15? 

The current trade setup suggests the Uniswap price is undergoing a parabolic recovery and the latest upswing is believed to elevate the levels by more than 15% to reach the initial barrier at $13.5. Besides, the Ichimoku cloud has displayed the end of the bearish phase as the levels are about to validate a bullish crossover. Secondly, the stochastic RSI is stuck within the upper range, indicating the ascending trend could prevail for a long. 

Once the UNI price rally gains strength, it is expected to test higher targets in the coming days, probably above $20. The current market sentiments and trade set also appear to have attracted the attention of the whales as they accumulated UNI heavily along with Uniswap over the past month. Therefore, this has substantiated the bullish claim and increased the possibility of finding new highs for the prevailing trend.