- Uniswap retested key resistance levels as bullish indicators pointed to a potential breakout
- Market sentiment has been aligning positively with reduced selling pressure and Open Interest
Uniswap [UNI] has grabbed the market’s attention with its sharp price movement and the uptick in its network activity, raising speculation about its long-term bullish potential in the DeFi landscape. At press time, UNI was trading at $14.60, following daily gains of 14.33%.
This price rally, coupled with growing user engagement, hinted at renewed momentum. However, can Uniswap sustain its upward trajectory?
Price action signals potential breakout
Uniswap’s price charts revealed a clear upward trend, with UNI retesting the key resistance at $17.12 while holding firm support at $12.60. Indicators such as the Average Directional Index (ADX) at 39.72 pointed to a strong trend, while the Moving Average Convergence Divergence (MACD) underlined a slight bearish divergence.
However, the overall bullish sentiment persists, with predictions pointing to a potential breakout towards $20. If UNI breaches this resistance convincingly, it could signal the start of a sustained bull run.
Source: TradingView
Address stats show growing adoption
Address statistics highlighted increasing network activity, with active addresses surging by 23.94% and new addresses growing by 8.42% over the past week. This uptick in participation highlighted a rising interest in UNI, driven by its utility in the DeFi space.
Therefore, the strong engagement seemed to be in line with the price momentum, indicating confidence among users and investors alike.
