Uniswap

FOMO

Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/uniswap-uni-experiences-a-notable-price-surge/" data-wpel-link="internal">Uniswap (UNI) Experiences a Notable Price Surge</a> 
Uniswap (UNI) experienced an 81% price surge from the lowest to the highest point of the day on February 23. This surge followed an important announcement by Erin Koen, a leading figure at the Uniswap Foundation. Some analysts had suggested that UNI could move towards a price of $13.1, and subsequently, on February 24, the UNI price reached $12.85. 
<h2 id="uniswap-uni-price-analysis">Uniswap (UNI) Price Analysis</h2> 
Looking at the UNI price, it can be seen that history may repeat itself in the coming days due to the fair value gap. A weekly chart review indicates that the area ranging from $3.65 to $7.7 marks a range formation. 
When the calendars showed November, UNI left the mid-range level of $5.3 behind, creating a fair value gap (FVG, the lower white box). More importantly, the price has tested this area several times in the following period, but UNI did not close below 50% of the width of the FVG in a daily price view. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-319756" src="https://coin-turk.com/wp-content/uploads/2024/02/3-65-uni-uniswap-coin-turk-com.jpg" alt="" width="705" height="355"> 
On the other hand, it was observed that a new FVG or imbalance occurred during Uniswap’s recent price movement to $12.85. The 50% mark of this imbalance was at the $9.22 level. A potential retracement towards this support could offer investors an ideal buying opportunity. 
While all this was happening, the RSI and market structure seemed to continue showing a strong uptrend. However, it became apparent that all gains on the OBV side had been retracted. This is not a reversal signal on its own, but it does indicate that the bulls may have run out of steam for now. 
<h2 id="will-uni-price-drop">Will UNI Price Drop?</h2> 
Total Open Interest and daily trading volume showed significant increases on February 23. The price rally in UNI appeared to reflect real demand and a manifestation of FOMO among investors. 
Moreover, as of the time of writing, it was observed that OI had dropped from a peak of $239 million to $176 million. This could be interpreted as a reflection of delayed profit-taking by long position holders being liquidated. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-319755" src="https://coin-turk.com/wp-content/uploads/2024/02/open-interest-coin-turk-com.jpg" alt="" width="700" height="234"> 
Investors in UNI may want to be cautious against market volatility and expect the price to consolidate in a certain area. During this period, there was an increase in the number of active addresses for UNI, followed by a significant decrease. However, despite the decline, it remained much higher than the dip levels seen at the beginning of February. 
The increase in UNI’s inactive supply indicated that investors were active in realizing profits and selling their UNI tokens, once again demonstrating this in the market. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/uniswap-uni-experiences-a-notable-price-surge/" data-wpel-link="internal">Uniswap (UNI) Experiences a Notable Price Surge</a></h5>

Uniswap (UNI) Experiences a Notable Price Surge

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