Sun, June 16, 2024

Uniswap Price Surges 20%: Major Rally Ahead?

bitcoin concept netcoins, altcoin

Quick Look:

  • Price Surge: Uniswap (UNI) surged over 20%, breaking the $10.50 resistance above $11.20.
  • Key Resistance: Immediate resistance at $11.55, with targets at $12.00, $12.20, $12.50, and $13.50.
  • Market Impact: Broader market gains; Bitcoin above $71,000, notable moves in BNB and STRK.
  • Uniswap Labs Post: Speculation over a Uniswap Labs post boosted UNI’s price.

Uniswap (UNI) has recently experienced a significant price surge, climbing over 20%. This rally started with UNI breaking through the critical $10.50 resistance level. The cryptocurrency has shown strong positive momentum, suggesting potential further gains if it surpasses additional resistance levels.

The price of UNI initiated a notable increase once it moved beyond the $10.50 resistance. This upward trend appeared when it broke through a crucial bearish trend line, which had its resistance at approximately $10.35 on the hourly chart. As of the latest updates, UNI is trading above $11.20, well above its 100-hour simple moving average.

UNI Breaks $10.50 Resistance, Trades Above $11.20

Currently, UNI is positioned above $11.20, maintaining a solid stance over the 100-hourly simple moving average. This level has become a foundation for the recent bullish movement, providing a platform for further price increases.

Bullish traders might soon target a price above the $12.00 mark. Immediate resistance is identified near $11.55, with subsequent resistance at $12.00 and potentially $12.20. If UNI continues its upward momentum, the next significant targets could be around $12.50 and $13.50.

Uniswap Eyes $12.00 with Immediate Resistance at $11.55

Following a consolidation phase above the $9.20 level, UNI has embarked on a fresh rally, overcoming several key resistance thresholds. This rally has helped solidify its position, marking significant milestones in its price trajectory.

UNI established a base above $9.20 before beginning a new upward movement. It successfully broke through critical resistance levels at $9.80 and $10.00. Further gains were made as the price surpassed the $10.50 and $11.50 resistance points, culminating in a high near $11.795. Currently, the price is consolidating these gains, preparing for the next phase.

Altcoin Gains: Bitcoin Hits $71,000, Uniswap Surges

Immediate resistance for UNI stands at $11.55, with additional key resistance levels at $12.00 and $12.20. On the downside, major support levels are located at $11.00 and $10.60.

If UNI encounters difficulties surpassing the $11.95 or $12.00 mark, a downside correction could be on the horizon. In such a scenario, major support levels to watch include $11.00, $10.60, and possibly $10.20.

Bitcoin reached a two-week high, trading above $71,000. This surge was partly driven by the latest ISM manufacturing data, which indicated a slowing U.S. economy, raising hopes for potential interest rate cuts. Bitcoin mining companies such as CORZ, WULF, and BTDR have seen double-digit gains.

UNI’s 20% Rise Linked to Uniswap Labs’ Social Media Post

Uniswap’s recent 20% surge can be attributed to a mysterious social media post from Uniswap Labs, hinting at an upcoming announcement. This speculation has fuelled market enthusiasm and bolstered UNI’s price.

Starknet’s token (STRK) also experienced a rally, gaining over 10%. This rise is connected to StarkWare’s strategy to leverage Starknet for scaling the Bitcoin network. However, STRK faces potential pressure with $85 million worth of tokens set to be released from vesting next week.

BNB Climbs 7%, Market Cap Hits $100 Billion

BNB has shown impressive performance, advancing 7% and nearing its all-time high, crossing a market capitalisation of $100 billion. This growth is supported by increased activities on Binance‘s launch pool and launchpad.

The broader market trend is positive, with the CoinDesk 20 Index rising 1.8% in the last 24 hours. Bitcoin’s price surge above $71,000, a first since May 20, reflects growing optimism. U.S. manufacturing data, indicating a cooling economy, suggests possible interest rate cuts, adding to the market’s bullish sentiment. Ethereum (ETH) traded around $3,800, up slightly, with expectations of U.S. spot ETH ETFs potentially attracting significant inflows.

Core Scientific Sees 40% Jump Amid Acquisition Proposal

Core Scientific (CORZ) saw a 40% jump following a proposed acquisition by CoreWeave at $5.75 per share. This development hints at a trend where smaller mining companies might become acquisition targets or diversify into AI services.

The recent price movements in Uniswap and the broader cryptocurrency market highlight a phase of robust growth and potential opportunities. Investors are closely monitoring these trends, eager to capitalise on the bullish momentum.

YOU MAY ALSO LIKE

Stocks

Quick Look: Bilibili Inc. (NASDAQ: BILI) saw an 8.48% rise to $15.61,

Tractable raises $60M to grow in accident - robot recovery

Quick Look: Ray Kurzweil predicts significant lifespan extension and human-AI integration by

Gold

Quick Look: Gold (XAU) reached a record high in May 2024, with

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Zenfinex Reports Revenue Surge but Faces Operating Losses

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation. Zenfinex’s Fiscal Overview Zenfinex Limited’s revenue hit £848,306, a

BROKER NEWS

Broker News

Zenfinex Reports Revenue Surge but Faces Operating Losses

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation. Zenfinex’s Fiscal Overview Zenfinex Limited’s revenue hit £848,306, a significant