Uniswap’s price has seen impressive gains, ending a months-long lack of momentum that has continued since early July. Over the past 24 hours, UNI recorded a strong 35% gain, bringing new optimism to the altcoin.
This recent surge hints at a sustained rally that could push the Uniswap price above the $10 mark in the coming days.
Uniswap has potential
Uniswap market sentiment is showing encouraging signs with the majority of daily on-chain transactions reporting gains rather than losses. This balance indicates that, despite the long period of absence of strong bullish momentum, investors did not experience a significant downturn. Consistently profitable transactions support positive investor sentiment, motivating continued trading activity that supports Uniswap liquidity.
Maintaining high liquidity is essential to attract further investment as it creates a stable environment for both new and experienced investors. As profits drive participation, Uniswap could see stronger capital inflows in the near future.
Read More: How to Buy Uniswap (UNI) and Everything You Need to Know
Uniswap macro momentum indicates potential upside as technical indicators such as exponential moving averages (EMAs) suggest an impending Golden Cross. Uniswap is currently experiencing a death cross that formed three months ago when the 50-day EMA crossed below the 200-day EMA, signaling bearish sentiment.
However, the recent rally has narrowed the gap between these EMAs by 35%. This creates conditions that could soon lead to the emergence of a Golden Cross, a bullish signal for future price increases. A golden cross typically signals the end of a downtrend and the beginning of an uptrend, often attracting more investor attention.
UNI Price Prediction: Next, $10
Currently trading at $9.19, Uniswap’s 35% rise in the last 24 hours has allowed it to regain support at $9.09. Holding this support is critical for Uniswap to maintain its current momentum as it allows the altcoin to attempt to continue its price rise in the short term.
Uniswap’s next target is a breakout of resistance at $10.06, a level the company hasn’t tested in nearly five months. Successfully turning this into support could pave the way for an additional move higher, further strengthening UNI’s bullish position and inviting more market participants to buy the stock.
Read more: Uniswap (UNI) price forecast for 2023/2025/2030.
However, if Uniswap fails to maintain the $9.09 support level, a potential drawdown could push the price down to $8.23 or lower. Such a decline would invalidate the current bullish outlook, indicating the need for consolidation before the next attempt at a rally.
