The UNI token price has experienced a significant surge of over 47% in the last seven days, reflecting a strong bullish recovery. The Total Value Locked (TVL) on the Uniswap chain has also spiked by 30% this week, indicating increased adoption and highlighting strong fundamentals. The on-chain sentiments suggest that the Uniswap chain has soared by approximately 70% this year, showcasing a positive trend in the market.
The recent bullish momentum has propelled the UNI price to reclaim its multi-month high, with the possibility of reaching new heights in the near future. The trading volume for UNI has seen a substantial increase, reaching $1.231 billion with a change of +108.08% in just 24 hours. This altcoin has surged by approximately 10% in a day, showcasing its resilience in the face of market challenges.
In terms of technical analysis, the UNI coin has breached its rising channel pattern in the daily timeframe, indicating a bullish trend. The Simple Moving Average (SMA) continues to support the price chart, further strengthening the bullish sentiment. The MACD indicator also shows a steady rise in the green histogram, signaling a bullish outlook for the 22nd-largest crypto token.
Looking ahead, if the bullish momentum continues, the UNI token could retest its resistance level of $13.50 this week. Further upward movement could potentially push the price towards its upper resistance level of $15.650. On the other hand, if bearish sentiment takes over, the price may retest its support level of $11.475 and potentially drop to its lower support level of $10.
In conclusion, the UNI token has shown resilience and strong bullish momentum in recent days. With the on-chain sentiments intensifying and technical indicators pointing towards a bullish outlook, there is a possibility for the Uniswap price to reach new highs in the coming weeks. Investors are advised to stay updated on market trends and conduct thorough research before making any investment decisions.