The post UNI Token Soars Amidst Wider Crypto Market Pullback appeared on BitcoinEthereumNews.com.

Uniswap surged exceptionally amid a retracing crypto market. UNI surged 77.8% to break above the neckline of an inverted head-and-shoulders structure. Coinglass reports that UNI’s OI rallied from $89.21M to $151.75M in a few days. UNI, the governance token of the decentralized exchange Uniswap, has bucked the broader crypto market trend with a significant price surge, outperforming major cryptocurrencies. TradingView’s data illustrate how UNI’s price surged while other top cryptocurrencies, including Bitcoin, trended downwards. Notably, UNI bounced off support on June 12 in a classic reversal pattern, initiating a 5-day continuous rally, with the price consistently closing above its opening value. Uniswap gained over 37% during this period amid widespread pullbacks across the crypto market ecosystem. Considering traditional chart patterns used for technical analysis, UNI’s recent surge reflects a break above the neckline of an inverted head-and-shoulders structure. This represents a classic bullish move that could trigger a potential rally and the next leg of a classic uptrend. A closer observation shows Uniswap began the recovery move on May 15, following a bounce off the $6.73 support, which marked the bottom of its last correction trend. UNI’s recent price surge represents a 77.8% rally and a retest of the $11.9 resistance. Continuing the upward trajectory could propel UNI into a new phase and a move toward $24, overcoming multiple resistance levels. Meanwhile, Uniswap’s open interest has increased significantly, contributing to the digital asset’s bullish momentum. Coinglass data shows that UNI’s open interest jumped from $89.21 million on June 12 to $151.75 million at the time of writing. This increase signals growing investor interest in UNI, suggesting an upcoming price rally or heightened market activity on the decentralized crypto exchange. Additionally, Uniswap recently integrated the ZKsync protocol into its platform. The update allows Uniswap users to swap and provide liquidity directly…

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Filed under: News - @ June 17, 2024 4:14 pm