Rally

Uniswap

Bitcoin ETF

Foundation

Coin

Uniswap Price: Amid a sluggish market moment, the Decentralized exchange Uniswap’s governance token (UNI) skyrocketed by 55% on Friday. The massive inflow by investors followed a new proposal by a key <a href="https://coingape.com/uniswap-uni-surges-over-50-on-staking-rewards-proposal/" rel="noopener noreferrer nofollow">Uniswap</a> Foundation leader to upgrade the protocol’s governance system. The sudden upswing challenges a 2-year-long resistance indicating a pivot change in the UNI’s market dynamic.
Also Read: <a href="https://coingape.com/uniswaps-70-rally-helps-defi-steal-spotlight-from-ai-tokens/" rel="noopener noreferrer nofollow">Uniswap’s 70% Price Rally Helps DeFi Steal Spotlight from AI Tokens</a>
<h2 id="b-is-uniswap-price-coin-heading-to-20-b">Is Uniswap Price Coin Heading to $20?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/7/7uIuGNyw.png" alt="BINANCE:UNIUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Uniswap Price| Tradingview
 </figcaption>
</figure>
An analysis of the daily chart showcased the <a href="https://coingape.com/price/uniswap/" rel="noopener noreferrer nofollow">Uniswap price</a> has remained in a sideways trend for nearly 2 years, encapsulated between the $12.5 and $3.3 mark. Amid the broader market trend, the UNI coin entered a new recovery in late October 2023 when the price rebounded from $3.5 support.
<blockquote>
 In the past 4-months, the UNI price recovery surged 210% to reach the current trading price of $11.9. However, a significant portion of this recovery was obtained recently as altcoin value surged 60% within the last 48 hours.
</blockquote>
The sudden surge is likely triggered by a new proposal of UF Governance Lead @eek637 aims to revamp the Uniswap Protocol’s governance by rewarding <a href="https://coingape.com/trending/top-reasons-why-uniswap-price-is-soaring-today/" rel="noopener noreferrer nofollow">UNI token</a> holders who stake and delegate their tokens. This initiative is designed to enhance community participation and governance efficacy within the Uniswap ecosystem.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f508.png" alt="🔈" class="wp-smiley" style="height: 1em; max-height: 1em;"> New Governance Proposal Posted <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f508.png" alt="🔈" class="wp-smiley" style="height: 1em; max-height: 1em;">
 UF Governance Lead <a href="https://twitter.com/eek637?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@eek637</a> just posted a proposal to upgrade Uniswap Protocol's governance system. Specifically, this upgrade would reward UNI holders who have staked and delegated their tokens.
 — Uniswap Foundation (@UniswapFND) <a href="https://twitter.com/UniswapFND/status/1761029569983971567?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
By incentivizing token holder engagement, Uniswap is not only strengthening its governance model but also reinforcing its position as a leading decentralized exchange in the DeFi sector.&nbsp;
Also Read: <a href="https://coingape.com/bitcoin-btc-price-flirts-near-51k-amid-233-mln-bitcoin-etf-inflow/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Flirts Near $51K Amid $233 Mln Bitcoin ETF Inflow</a>
<h2 id="b-rounding-bottom-pattern-signal-major-trend-reversal-b">Rounding Bottom Pattern Signal Major Trend Reversal</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/b/BzSOun05.png" alt="BINANCE:UNIUSDT Chart " width="1946" height="938">
 <figcaption class="wp-caption-text">
 Uniswap Price| Tradingview
 </figcaption>
</figure>
A look at the weekly time frame chart shows the ongoing rally in UNI price is developing a rounding bottom pattern. This chart pattern is a major sign of a downtrend bottoming and a new start of a recovery trend in an asset. Amid the current rally, the coin buyers recently challenged the pattern’s neckline resistance at $12.5. A potential breakout from this barrier will intensify the recovery momentum and set the potential target of $21.
However, it’s reasonable to expect a minor pullback in UNI price following its aggressive surge.
<ul>
 <li>Exponential Moving Average: A sudden uptick in 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> reflects an aggressive recovery momentum.</li>
 <li>Average Directional Index: The ADX slope at 31% indicates the UNI price may need a minor pullback to revive from exhausted bullish momentum.</li>
</ul>
The post <a href="https://coingape.com/markets/uniswap-technical-analysis-hints-the-55-price-is-beginning/" rel="noopener noreferrer nofollow">Uniswap Technical Analysis Hints the 55% Price Surge is Just the Beginning</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Uniswap Technical Analysis Hints the 55% Price Surge is Just the Beginning

Table of Contents

Coingape News Media

Other articles published on Feb 24, 2024

Bitcoin Withdrawals Surge as Whales Accumulate

Cardano (ADA) Holders Should Note This Crucial Yoroi Wallet Message

Satoshi Nakamoto’s emails spill early Bitcoin secrets

46% of largest crypto airdrops peaked within 14 days — CoinGecko

Riot Platforms Records 19% Surge in Bitcoin Mining in 2023

Kraken Crypto Exchange Moves To Dismiss The Case Filed Against It By The US SEC

Join our free newsletter for daily crypto updates!