Recent market activities have propelled the value of Uniswap’s native token, UNI, to a striking two-year zenith, with the price topping out at $12.85 on February 24. Despite a minor fallback, UNI has been riding a bullish wave, shattering long-established horizontal and resistance barriers.
Surging Strength in UNI’s Weekly Performance
Analyses of the weekly chart showcase UNI’s persistent ascension from a significant horizontal support zone that began in October 2023. This surge breached a long-standing descending resistance line, which had been in play for over a year. The token’s value commenced a fresh climb early in 2024, crossing another critical horizontal resistance line, peaking last week before experiencing a minor pullback.
Daily Chart Points to Continued Upswing
Concurring with the weekly data, daily chart assessments imply a sustained positive trend for UNI. Utilizing the Elliott Wave theory to decipher market patterns, analysts forecast UNI’s trajectory as part of a larger five-wave bullish pattern. Currently, UNI seems to be in the penultimate phase of this pattern, suggesting imminent growth following a brief correction.
With technical indicators such as the Relative Strength Index (RSI) standing firm above 70, the potential for UNI’s value to ascend towards the $16.10 resistance level appears likely, which could spell a 50% increase in its price. However, should UNI fail to maintain its upward momentum and breach the $12.10 threshold, it may face a setback towards the $7.80 support level, culminating in a near 30% decline.