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Uniswap – Why the $10-level could be critical for UNI’s future
In recent times, the price of Uniswap (UNI) has been on a tear, surging over 18% in the last 24 hours. As the token broke through the $9 zone and flipped to $10, a whale saw fit to take profits, liquidating its 662,606 UNI tokens and raking in a profit of around $1.87 million. This comes on the back of an earlier profit of over $13 million.
Despite this sell-off, Uniswap’s rising momentum has not been derailed, with some market observers suggesting that the price could continue to rise further. But is $10 the critical level that will determine UNI’s future trajectory?
In order to answer this question, it’s essential to take a look at the price chart. Recent data shows that Uniswap’s price has broken out of a broadening wedge pattern that began forming on May 10th. This breakout suggests bullish potential, but traders are advised to exercise caution until the price confirms its direction.
There is a risk that this move could be a false breakout, prompting traders to wait for confirmation before placing long bets. However, an alternative scenario is also possible, where the price respects its previous channel and UNI enters a short-term correction.
As of the time of writing, Uniswap’s on-chain activity is rising, indicating growing investor interest and network engagement. This could be seen as a bullish signal for the token.
Furthermore, data from DeFiLlama shows that Uniswap’s decentralized exchange (DEX) volume has surged to $718.52 million as of press time, exceeding its previous day’s volume despite being hours away from closing.
Volume-wise, DEX and centralized exchanges (CEX) have backed the uptrend observed in UNI’s price.
Source: ambcrypto.com
