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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">
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 Uniswap Price| Tradingview
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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">
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 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

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