- Uniswap price is breaking out of a bullish consolidation pattern, hinting at new all-time highs.
- UNI bulls ignore the bearish indications provided by on-chain metrics.
- FOMO seems to kick in as the token hints at an 18% surge despite the 320% year-to-date gains.
Uniswap price and its decentralized exchange platform have seen a stark rise in popularity even after last year's DeFi summer. The token now shows signs of continuing the ongoing rally even after it experienced an exponential 300% increase over the past month.
Uniswap price aims for higher highs
Uniswap price has been consolidating in an ascending triangle over the past week. Such technical formation is considered a continuation pattern as it tends to lead to further development of the previous trend.
Therefore, the recent break of the triangle’s x-axis at $20.90 could push Uniswap price by more than 18%. If this were to happen, UNI’s market value would march towards a new all-time high of nearly $25.
This target is determined by measuring the distance of the triangle’s y-axis.
UNI/USDT 1-hour chart
On-chain metrics suggest a rather bearish outlook for the utility token.
Uniswap's holders distribution chart shows that addresses with 10,000 to 100,000 UNI have constantly been reallocating or selling the tokens since late January. A similar trend can be observed with those addresses that hold between 100,000 and 1,000,000 UNI.
This behavior in whales’ activity suggests that some high net worth individuals are booking profits at the current price levels. Consequently, increasing the downward pressure behind Uniswap price.
Uniswap Holder Distribution chart
For this reason, investors need to pay attention to the $19.50 support level. If this price hurdle fails to hold, the bullish thesis will be invalidated, triggering an 18% retracement to $16.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
![Ethereum continues hinting at rally following reduced long liquidations](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_2_XtraSmall.jpg)
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
![HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Hedera/hedera-logo_XtraSmall.png)
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
![Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-52602600_XtraSmall.jpg)
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
![Crypto community reacts as BRICS considers launching stablecoin for international trade settlement](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
![Bitcoin: BTC post-halving rally could be partially priced in](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33646574_XtraSmall.jpg)
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?