The Uniswap March, UNI/USDT Prices Surge 43% and Reclaims $30
The success of Uniswap illustrated just how desirous the crypto community was in launching a solution that could satisfactorily compete with centralized giants like Coinbase and Binance.
It is still a work in progress.
However, in the meantime, it is clear that Uniswap and other non-custodial exchanges shielded the interest of users while aligning with blockchain principles better than their centralized counterparts.
The State of Uniswap and Market Performance
Uniswap presently moves billions worth of volumes every week, out-competing some mainstream CEXes.
Meanwhile, its success has seen UNI, the governance token, one of the most liquid in the sphere.
At the time of writing, UNI is stable on the last trading day.
Nonetheless, it is the most valuable project in DeFi, holding a position in the top-10 of the crypto market leader-board. Most impressively, the token is up 43 percent in the past week of trading.
Technically, the uptrend is clear, and buyers are in control.
Visible from the daily chart, UNI/USDT is trading within a bullish breakout pattern.
It is notably on the course of rewinding losses of May 19 as buyers double down, less than a week after clearing above $21—July 2021 highs.
At this pace, the odds of UNI/USDT climbing back to within Q1 2021 highs remains high.
While UNI is printing higher highs, trading volumes are equally expanding, as the secondary chart shows.
Also, UNI bull bars are aligning with the upper BB as the middle BB—the 20-day moving average—slants positively, indicating shifting momentum to the upside.
For this reason, one trader thinks the best strategy is to HODL.
Just Buy UNI and HODL, Target $43
He observes that the best buying zone is within the $26-$29 zone in the present trend, with targets at $40.
Buy – 26$- 28$
Wait for few days
Target – 40$
Book your profit according to you. pic.twitter.com/m7PJH30LWv
— NáVèèñ JÄin (@naveenjain0506) August 9, 2021
Still, we must mention that this style is aggressive. From the daily chart, this buying zone is at a crucial resistance level. Ideally, a close above this level will confirm the presence of buyers in a trend continuation phase.
And this is why risk-on traders must first wait for a high volume, wide-ranging bull bar before committing and targeting $40.
Uniswap Prices Trading In a Bullish Breakout Pattern
Traders on other platforms hold the same view.
Based on the 4HR chart, another trader says UNI/USDT has broken above a primary resistance level.
In the 4HR chart, UNI/USDT prices are inside a bullish channel, printing higher highs.
Accordingly, every low potentially offers a loading opportunity for traders targeting $32 through to $40 in the subsequent trading sessions.
UNI/USDT Likely to Find Headwinds at $33
On YouTube, Crypto Dynamics believes that UNI is trading within a bullish breakout pattern.
Following the surge above $21, buyers are in control.
Even though prices may continue to edge higher, traders should watch out for the reaction at $33. This level, he notes, coincides with the 68.2 percent Fibonacci retracement level of the UNI/USDT swing high and low.
Thus far, UNI bulls have been consistent, breaking above $25 and on the cusp of closing above $30 towards the trader’s possible reaction point.
Since bulls found support at the 78.6 percent Fibonacci retracement of the token’s high-low, the odds of UNI gradually climbing back to H1 2021 highs remain high despite headwinds.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.