UNI has shown an impressive short-term rally, following the news of its listing on South Korea’s Upbit exchange.
has shown an impressive short-term rally, following the news of its listing on South Korea’s Upbit exchange. The price has surged by over 6%, with trading volumes soaring more than 110%.
With UNI trading at $8.16 at press time, the critical question is whether this momentum will continue, pushing the price above the crucial resistance level of $9.67 and towards higher targets.The daily chart reveals that Uniswap is approaching a potential breakout from its ascending channel. Currently, the token is testing the key resistance at $8.66, a level that has held back previous attempts to move higher.If that level is breached, the next target could be $11.99.
This suggests that while the bulls still have room to push prices higher, there’s a risk of the momentum stalling if the RSI approaches the 70 mark, which could lead to a short-term correction.UNI’s social dominance has increased to 0.579%, indicating a growing presence in community discussions and trader sentiment. This uptick follows a significant spike earlier in the month, reflecting the ongoing interest surrounding Uniswap’s Upbit listing and recent price movements.
Consequently, the increase in social dominance suggests heightened attention from the crypto community, which could support further price gains as more traders watch UNI closely.In addition to the positive price action, open interest in UNI has jumped by 11.76%, reaching $129.94 million. This sharp increase suggests that more traders are entering the market, anticipating a larger move.Conclusively, UNI appears well-positioned for a breakout, but it must clear the $8.66 resistance to test $9.
However, the bulls need to sustain momentum to avoid a pullback. Consequently, traders should keep a close watch on UNI’s price action in the coming days.Erastus is a dedicated cryptocurrency journalist and financial analyst with over 4 years of experience in the blockchain and fintech sectors. With a strong focus on digital currencies, decentralized finance , and emerging financial technologies, he offers an in-depth analysis of market trends and developments.
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