The post Uniswap [UNI] Could See Breakout Above $13 Amid Strong On-Chain Indicators and Increasing Trading Volume appeared on BitcoinEthereumNews.com.

Uniswap (UNI) has been showing strong on-chain signals, indicating a potential bullish breakout as it approaches key resistance levels. With over $38 billion in monthly transaction volume across Ethereum Layer-2 networks, UNI is testing the critical resistance at $13. “The growing institutional involvement in UNI’s transactions signals a positive outlook for the token,” noted a COINOTAG source. Uniswap shows promising on-chain metrics and price stability, suggesting a possible breakout above $13 as institutional interest grows. Uniswap’s On-Chain Metrics Indicate Bullish Sentiment Recent on-chain data for Uniswap (UNI) has displayed a series of positive indicators that underscore a bullish sentiment in the market. Notably, the net growth of the network was recorded at a 0.34% increase, suggesting a rise in user adoption. Moreover, the metric for profitable transactions, often termed “into the money” transactions, saw an increase of 1.56%, reflecting a solid trend among holders benefiting from their investments. Perhaps the most remarkable aspect of the current on-chain analysis is the substantial 6.92% increase in large transactions. This spike illustrates a heightened activity from institutional players, indicating their belief in potential price appreciation and long-term value for UNI. As more large investors position themselves in the market, it validates the optimistic outlook of many traders. Source: IntoTheBlock What Can UNI’s Price Action Reveal About Future Trends? Presently, Uniswap is meticulously testing the key resistance mark of $13. If the price manages to surpass this level, it could rally towards $17, which has been identified as the next significant resistance. However, analysis reveals that the Relative Strength Index (RSI) is showing a reading of 71.56, indicating that UNI may be approaching overbought territory. This suggests that while the bullish trend remains intact, investors should exercise caution to avoid potential pullbacks or market corrections before any sustained breakout occurs. Source: TradingView Exchange Reserves…

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Filed under: News - @ November 30, 2024 9:14 am