bullish

Uniswap

when

<ul> 
 <li aria-level="1">OBV shows higher lows, RSI at 68; both indicators suggest Uniswap’s price may continue to rise.</li> 
 <li aria-level="1">Fibonacci retracement points to $9.93 and $11.29 as key resistances; $11-$12 range expected to be tested soon.</li> 
</ul> 
Uniswap [UNI] recorded a substantial price increase, reaching a peak not seen in nearly five months. On Tuesday, November 12, the price of UNI rose from $9.16 to $10.76 within one hour, marking a 17.46% increase. 
This movement brought the cryptocurrency to its highest level in five months, with indicators suggesting a potential for further rise. 
In the previous months of <a href="https://www.ethnews.com/financial-analysis-trumps-crypto-ventures-and-uniswaps-layer-2-developments-pre-election/">September and October</a>, UNI consistently traded below the $8 resistance level. This situation changed on November 6, when the price began to stabilize around the $9 mark, suggesting the formation of a new support level. 
Despite a brief drop after the surge, the price structure on the daily chart remains inclined towards an <a href="https://www.ethnews.com/uniswap-unveils-unichain-a-layer-2-blockchain-poised-to-transform-defi/">upward trend</a>. 
<figure id="attachment_104915" aria-describedby="caption-attachment-104915" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-104915" src="https://www.ethnews.com/wp-content/uploads/2024/11/PP-2-UNI-price-e1731452336835.png" alt="PP-2-UNI-price" width="1940" height="979">
 <figcaption id="caption-attachment-104915" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The On-Balance Volume (OBV) demonstrates consistent buying interest with a pattern of higher lows, while the Relative Strength Index (RSI) is at 68, indicating sustained buying momentum without signs of an impending reversal. These factors indicate that Uniswap’s price is likely to continue rising. 
The Fibonacci retracement tool identifies $9.93 and $11.29 as the upcoming resistance levels. Despite a retracement that saw all gains from February’s rally lost by August, the current price action shows recovery.&nbsp; 
<figure id="attachment_104919" aria-describedby="caption-attachment-104919" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-104919" src="https://www.ethnews.com/wp-content/uploads/2024/11/PP-2-UNI-mobchart.png" alt="PP-2-UNI-mobchart" width="1526" height="684">
 <figcaption id="caption-attachment-104919" class="wp-caption-text">
 Source: MobChart
 </figcaption>
</figure> 
According to <a href="https://mobchart.com/dashboard/workspace/default?exchange=binance&amp;ticker=UNIUSDT&amp;interval=1h">data from MobChart</a>, substantial sell orders exist at the $11 and $12 levels, and significant buy orders at $9.2 and $9, suggesting these prices may be revisited before the price advances further. 
The breach of the 78.6% Fibonacci level at $8 signals a strong market conviction towards buying. The analysis points to a likelihood of the $11-$12 price range being tested in the upcoming weeks, reflecting a <a href="https://www.ethnews.com/uniswaps-unichain-promises-a-468-million-windfall-for-uni-token-holders-annually/">positive market outlook for Uniswap</a> as it maintains robust buying interest. 
<div class="cryptoboxes" id="mcw-46921" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="UNI" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of Uniswap (UNI) is $9.035 USD, showing a decline of 3.33% today. 
Key Observations: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Price Movement: Despite today’s decline, UNI has shown strong performance over the past week with a 33.20% increase. It has also gained 11.24% in the past month, indicating an overall bullish sentiment.</li> 
 <li style="font-weight: 400;" aria-level="1">Market Capitalization: UNI’s market cap stands at $5.42 billion USD, with a 24-hour trading volume of $1.35 billion USD, suggesting significant liquidity and trading interest.</li> 
</ul> 
Technical Analysis 
<figure id="attachment_104911" aria-describedby="caption-attachment-104911" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-104911 size-full" title="UNIUSDT_2024-11-12_18-57-24" src="https://www.ethnews.com/wp-content/uploads/2024/11/UNIUSDT_2024-11-12_18-57-24.png" alt="UNIUSDT_2024-11-12_18-57-24" width="1501" height="959">
 <figcaption id="caption-attachment-104911" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
UNI is currently testing a support zone around $9.00 USD. A break below this level could signal further downside pressure. However, if it holds this support, a potential rebound towards the next resistance at $10.00 USD is possible. 
The post <a href="https://www.ethnews.com/uniswap-uni-surged-from-9-16-to-10-76-within-an-hour-on-november-12-hitting-a-five-month-high/">Uniswap [UNI] surged from $9.16 to $10.76 within an hour on November 12, hitting a Five-month High</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Uniswap [UNI] surged from $9.16 to $10.76 within an hour on November 12, hitting a Five-month High

ETHNews

Other articles published on Nov 12, 2024

Bitcoin Hits Record High as BlackRock's IBIT Sets New Trading Volume Milestone

3 Explosive Altcoins Set to 10,000x – Turn $200 Into $2 Million!

DOGE Soars Above $0.40 as Retail Interest and Futures Surge

Donald Trump’s Victory Isn’t the Main Reason for November Crypto Rally

Understanding the Crypto Fear and Greed Index: A Key Sentiment Tool for Traders

Top 3 Altcoins Predicted to Soar Over 1,000% by Q1 2025!

Join our free newsletter for daily crypto updates!