Uniswap Price Analysis: UNI eyes $35 hurdle after becoming first DeFi token to reach top 10 list
- Uniswap's UNI token is the first DeFi token to enter the list of top 10 cryptos by market cap.
- UNI crosses XRP, LTC with the market cap surging above $17.50 billion
- Two-week-old rising trend line offers immediate hurdle to the north.
Uniswap’s UNI crosses the headline cryptocurrencies, per market cap, while being the first DeFi token to enter the list of top 10 during Monday. In doing so, the UNI picks up bids above $34.00 during early Monday.
With the market capitalization of $17.52 billion currently, Uniswap’s UNI not only rises past Litecoin’s (LTC) size of $13.0 billion but also jumps above Ripple’s (XRP) market worth of $17.19 billion and acquire the seventh stage.
The fundamental push helps the UNI/USD to gain traction towards an ascending trend line from February 20, currently around $35.00.
However, any further upside, which is less doubtful, may not hesitate to attack the $40.00 threshold.
Alternatively, a 21-day SMA level of $25.77 and an ascending support line from January 22, currently around $22.80, could test the UNI/USD bears.
Overall, the UNI/USD is up for a fresh run-up and the bulls shouldn’t ignore the fundamental news.
UNI/USD daily chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
