Altcoin
Uniswap Price Rebounds with a 64.25% Increase in Open Interest: What’s Next?
Uniswap Price Analysis: The second week of June saw aggressive supply pressure with most major cryptocurrencies, along with Bitcoin, triggering a new correction. However, the weekend remained relatively stable, with BTC price holding above $65,000, while ETH recovered to $3,500. However, the native cryptocurrency of the decentralized exchange Uniswap overlooked the market volatility and recorded price growth of 14.5% to reach $11.50 today.
Read also: Uniswap, Notcoin and Algotech catch fire, why are investors diving into these Altcoins?
Uniswap’s price recovery and ZKsync integration fuel investor optimism
Uniswap Price| Tradingview
THE Uniswap The token’s price entered the current recovery trend on May 15, when its latest correction trend bottomed at $6.73. This bullish trend reversal has boosted the asset by 77% in three weeks, reaching a high of $11.96.
This upward trajectory has recently moved sideways as broader market signals prolong the consolidation within BTC price fell to $65,000. Renewed supply pressure has caused the UNI price to $8.7 before immediately returning to indicate active accumulation during market declines.
Amid the recent rally, Uniswap’s open interest has increased significantly, with Coinglass reporting a jump from $89.21 million on June 12 to $146.5 million. This increase of around 64.25% indicates growing investor interest and perhaps signals expectations of imminent price movements or increased market activity in Uniswap.
Read also: Uniswap (UNI) price gives a strong breakout above $10, how far will the rally continue?
Open interest on UNI| futures Coinglass
Additionally, Uniswap recently integrated ZKsync into its platform. This update allows users to trade and provide liquidity on ZKsync directly through the Uniswap interface, benefiting from lower gas fees and faster transactions. This development should attract natural demand for the UNI token.
An analysis of the daily chart shows the Uniswap price developing an inverted head and shoulders pattern on the daily chart. This chart pattern spotted on the main bottom of the market indicates a change in sentiment from UNI token traders to the buying side.
Uniswap price is currently trading at $11.50, which suggests a breakout from the pattern’s neckline. The potential breakout could push buyers to break out of the $17.5 barrier and chase $24.86.
Technical indicator
- BB indicator: The squeezed range of Bollinger band The indicators highlight the current market uncertainty and the need for a sustainable turnaround.
- Moving Average Convergence Divergence: A bullish crossover between the MACD (blue) and the signal line (orange) above the midline indicates that buyers remain the dominant hand in this asset.
Related articles