Bank

Uniswap

Strong

Foundation

Reversal

Uniswap Price Analysis: The <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">Bitcoin price</a> upswing above $63000 on Saturday accelerated the recovery sentiment in the crypto market and uplifted several altcoins to double-digit gains. The resurgence of buying pressure bolstered the Uniswap token to rebound from $6.6 support, its second reversal within three weeks. An analysis of the daily chart shows this upswing as the formation of a double-bottom pattern indicating the potential for a higher rally in the near future.&nbsp; 
Also Read: <a href="https://coingape.com/european-bank-with-600b-aum-invests-in-blackrock-bitcoin-etf/">European Bank With $600B AUM Invests In BlackRock Bitcoin ETF</a> 
<h2 id="b-uni-rebounds-as-uniswap-foundation-reveals-strong-financial-footing-b">UNI Rebounds as Uniswap Foundation Reveals Strong Financial Footing</h2> 
 <img decoding="async" src="https://s3.tradingview.com/snapshots/8/8zbtN0hA.png" alt="BINANCE:UNIUSDT Chart Image by sahilmahadik07"> 
UNI, the native cryptocurrency of decentralized trading protocol Uniswap entered an aggressive correction in early March as the price peaked at the $17.06 mark. The bearish turnaround tumbled the asset value by 65% to hit a low of $5.9 before reverting above $6.6 support. 
<blockquote>
 The support mentioned earlier, coupled with a 78.6% Fibonacci retracement level and an ascending support trendline, has helped the <a href="https://coingape.com/uni-price-rallies-10-massive-whale-accumulation/">UNI</a> price establish a local bottom.
</blockquote> 
Moreover, in a recent update highlighted by Wu Blockchain, the Uniswap Foundation disclosed its annual operational status as of December 31, 2023. The foundation reported holding assets totaling $45.26 million, comprised of US dollars and stablecoins, alongside 780,000 UNI tokens. The allocated USD cash and stablecoins are earmarked for grants and operational activities, while the UNI tokens are designated for employee token rewards. Furthermore, the foundation plans to disburse $30 million in the years 2024 and 2025. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The Uniswap Foundation released its annual operating status as of December 31, 2023, holding 45.26 million US dollars and stablecoins and 780,000 UNI. USD cash and stablecoins will be used for grants and operational activities, and UNI will be used for employee token rewards. $30… 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1786557111234871800?ref_src=twsrc%5Etfw">May 4, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The disclosure may have a positive impact on UNI’s price, as it highlights Uniswap’s robust financial health and commitment to rewarding its employees with token incentives. 
On May 1st, the UNI price rebounded from $6.6 support and jumped 16.5% to currently trade at $7.58 mark. The formation of the double bottom pattern should asset the <a href="https://coingape.com/price/uniswap/">Uniswap price</a> to surge 10% and challenge the neckline resistance at $8.375. A potential breakout will accelerate the current buying momentum and set the altcoin to target the $10.3 mark. 
<h2 id="strong-technical-indicator-strong">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A bearish crossover between the 50-and-100-day EMA slope could intensify the selling pressure on the UNI token and prolong a sideways action.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The notable higher lows in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope as it surged from the oversold region to 41% indicate the rising buying pressure the asset is witnessing at the $6.6 floor.</li> 
</ul> 
The post <a href="https://coingape.com/markets/uniswap-price-analysis-uni-eyes-10-double-bottom-reversal/">Uniswap Price Analysis: $UNI Eyes $10 Amid Double Bottom Reversal</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Uniswap Price Analysis: $UNI Eyes $10 Amid Double Bottom Reversal

Table of Contents

Coingape News Media

Other articles published on May 4, 2024

Bitcoin Rallies After Whales Accumulate 47.5K BTC At Low

Tesla Now Accepting Dogecoin for Certain Items, DOGE Price Rallies

Crypto User Loses $68 Million in Address-Poisoning Scam

Russian Found Guilty in BTC-e Money Laundering Case

Shiba Inu (SHIB): Maintaining Profitability Despite Market Downturn, 733 Trillion Tokens Hold Steady

XRP’s 8% price hike and what 130 billion tokens had to do with it

Join our free newsletter for daily crypto updates!