Uniswap price is on a tear as investors prepare for new all-time highs
- Uniswap price has practically hit a new all-time high at $7.13 after a massive breakout.
- The digital asset faces little resistance to the upside as whales continue to accumulate.
Uniswap price is up by 62% in the past four days after defending a crucial support level on the daily chart at $5. It seems that large holders continue to accumulate the digital asset and are eying up a new all-time high.
Uniswap price targets $10 in the long-run after massive breakout
On the daily chart, Uniswap has managed to crack all the resistance levels and established a new all-time high at $7.13. Using the Fibonacci retracement indicator we can determine potential bullish price targets in the future.
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UNI/USD daily chart
The daily chart suggests that Uniswap could rise towards the 141% Fibonacci level at $8.47 before a brief retrace to the 127% at $7.91, followed by the last push towards the 200% level at $10.783.
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UNI Holders Distribution chart
The number of whales has increased significantly since the beginning of 2021, which indicates investors are extremely interested in Uniswap despite the price rising. The number of large holders with 100,000 to 1,000,000 coins has increased by 13.
UNI IOMAP chart
However, despite facing no resistance ahead, the In/Out of the Money Around Price (IOMAP) chart also shows very little support downwards. Any rejection from current levels can quickly drive Uniswap price down to the most significant support area between $5.68 and $5.77.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
