Uniswap’s native token, UNI crypto, is regaining its stamina. After an otherwise tricky period, UNI price has gained 5% over the last 24 hours.
It is currently trading at $12.95, has a market capitalization of $7.77 billion, and has an ample 24-hour supply of $393.1 million, with a 20.52% increase in activity.
This shows Uniswap’s ability to keep a positive trend despite widespread market volatility.
The token’s performance shows its strength after a long-term bearish trend that UNI was able to break out of earlier this year.
Analyst Optimism: This Could Bring A Pump To Us
Industry analysts have also noticed the recent recovery. According to one well-known crypto analyst, Javon Marks, Uniswap price could rise significantly as it broke out of a long-term descending trendline.
In a tweet, Marks remarked that even following the recent market dip, UNI has been up nearly +200% after its breakout and retest.
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He also highlighted the $42.4941608 breakout target as a level to watch, which could see the asset rise by over 208%, preserving the current upward momentum.
According to Marks ‘ analysis, Uniswap’s mark was determined by its ability to sustain above key support levels.
The strong token performance in adverse market conditions has given confidence in its future trajectory.
Technical Analysis: Breaking Barriers
The attached charts show additional evidence of Uniswap price recovery. On a daily timeframe, UNI has clearly broken out of a descending trend line that dominated the backdrop of 2021 and 2022.
The increased trading volume accompanying this breakout indicated strong buyer interest and a shift in sentiment.
UNI crypto is attempting to consolidate above the $12.50 support level to establish a basis upwards.
It entered a descending channel on the 4-hour chart, but it has begun bouncing off key support levels.
As long as this momentum continues, it will likely hit the next significant resistance level at $15.00 and $20.00
The volume oscillators also reflect that the activity around Uniswap factors is increasing. Currently, the token has 521,331 holders, a circulating supply of 600.48 million UNI, and a dedicated community looking after its growth.
Further, Uniswap’s continued development, such as adding new features and evolving its protocol, has enabled it to solidify its place in the market.
Future Targets: Can UNI Price Reach $42?
As Javon Marks points out, the $42.4941608 breakout target still poses a key level for UNI.
Since reaching this milestone would imply an increase of more than 200% from the current Uniswap price, the token has growth potential.
Sure, such an ambitious target seems far-fetched to some, but strong fundamentals, increased adoption, and bullish techs make such a scenario possible.
There were several resistance zones for that level of Uniswap crypto to overcome. At $30.00, you have your third, at $20.00, your second. And at $15.00, your first major hurdle.
To break these levels, sustained bullish momentum with above-average trading volumes coupled with widespread market recovery would be needed.
