Bitcoin has gained positive momentum following its latest resistance test, breaking through the $37,800 level and continuing its rise. For altcoins to reach new highs, Bitcoin needs to maintain the $38,000 support level. Some analysts point out that a particular altcoin is targeting beyond $7.6.
UNI Coin successfully surpassed the 480-day resistance area last week along with Bitcoin’s rise to new highs. The RSI had formed a bullish divergence before this move, and investors who followed this signal were not disappointed. Prominent crypto analyst Rekt Capital suggests that after a long-term breakout, prices could reach new highs.
Another analyst, JJCycles, indicates that a long-term upward trend has begun and UNI Coin investors can expect higher peaks. On the other hand, Uniswap’s trading volume is increasing impressively.
Uniswap raised its monthly trading volume, which was the highest since April, from $16.50 billion to $16.62 billion. With November not yet over, the possibility of this month surpassing April to become the most active month of the year is strengthening.
The weekly chart of UNI Coin shows a clear uptrend, and a daily confirmation is needed. However, as the article is being written, an unexpected breakthrough of Bitcoin price above $38,100 makes a daily chart uptrend seem likely. According to Elliott wave counting, a five-wave upward movement has been completed. This indicates that a price correction could occur if strong demand does not lead to new highs. Yet, if Bitcoin continues to rise and UNI Coin aims for new highs, closures above the highest level of $6.60 on November 24th could invalidate the downside scenario and potentially trigger a strong rally towards $7.6.