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Uniswap Price Analysis: UNI, the native cryptocurrency of the decentralized trading protocol <a href="https://coingape.com/markets/uniswap-price-analysis-uni-eyes-10-double-bottom-reversal/" rel="noopener noreferrer nofollow">Uniwap</a> witnessed a notable on Monday attributed to the market excitement of potential approval of first <a href="https://coingape.com/ethereum-etf-buzz-hint-bidens-crypto-policy-shift-whats-the-catch/" rel="noopener noreferrer nofollow">Spot Ethereum ETH</a>. In the 24 hours, the UNI price is up 22% to currently trade at 9.34%. This upswing gave a decisive breakout from the resistance of a six-week correction, signaling a major change in market dynamics.
Also Read: <a href="https://coingape.com/uniswap-introduces-erc-7683-token-standard-uni-enters-breakout-mode/" rel="noopener noreferrer nofollow">Uniswap Introduces ERC-7683 Token Standard, UNI Enters Breakout Mode</a>
<h2 id="b-uni-token-soars-with-market-recovery-and-innovative-cross-chain-standard-b">UNI Token Soars with Market Recovery and Innovative Cross-Chain Standard</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/m/MPxqMydi.png" alt="BINANCE:UNIUSDT Chart " width="1946" height="873">
 <figcaption class="wp-caption-text">
 Uniswap Price Analysis| Tradingview
 </figcaption>
</figure>
Along with the majority of major altcoins, Uniswap traded in a sideways trend since the completion of the fourth Bitcoin Halving. The <a href="https://coingape.com/price/uniswap/" rel="noopener noreferrer nofollow">UNI price</a> resonating between $8.35 and $6.6 for the past six weeks creates a narrow range formation in the daily chart.
<blockquote>
 However, amid the recent market recovery, the Uniswasp coin showed a notable rally from $6.73 to $9.37 registering a weekly gain of nearly 40%. This upswing breached the overhead resistance of $8.35, releasing the build-up momentum for a higher rally.
</blockquote>
Moreover, <a rel="noopener noreferrer nofollow" href="https://x.com/Uniswap/status/1792551031701717355">Uniswap Labs</a> has introduced ERC-7683 in collaboration with Across Protocol, a new standard for cross-chain intents aimed at addressing blockchain fragmentation. This proposal features a universal filler network to facilitate seamless cross-chain transactions. Users can sign cross-chain orders managed by fillers, with funds escrowed until the transaction is completed.&nbsp;
A settlement contract ensures the secure and efficient finalization of transactions. This initiative aims to enhance interoperability across different blockchains, simplifying cross-chain interactions and advancing the DeFi ecosystem.
This development will increase the UNI token’s utility and trigger a natural growth in its market value.
If the UNI price sustains the $8.35 breakout, the buyers will have suitable support to drive a rally to $10.3, to $13.3.
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-21-5-ethereum-etf-hype-market-rally/" rel="noopener noreferrer nofollow">Crypto Price Prediction 21/5: Ethereum ETF Hype Fuels Major Market Rally</a>
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 50-and-200-day EMA slope at $8.35 creates strong support for buyers if the price reverts for a retest.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The notable higher lows (bullish divergence) in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope as it jumped above the 60% mark accentuates the surge in buying pressure from traders at $6.6 bottom.</li>
</ul>
The post <a href="https://coingape.com/markets/uniswap-price-analysis-hints-at-rally-10-break-6-week/" rel="noopener noreferrer nofollow">Uniswap Price Analysis Hints at Rally Beyond $10 as Buyers Break 6-Week Consolidation</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Uniswap Price Analysis Hints at Rally Beyond $10 as Buyers Break 6-Week Consolidation

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