- An RSI reading of 56 suggests that UNI is trading below the overbought zone.
- At press time, 67.63% of top UNI traders on Binance held long positions, while 32.37% held short positions.
With the overall rebound in the cryptocurrency market, Uniswap’s native token – UNI – has broken out of an uptrend in price. This signals a potential bullish move, with this breakout coming after a prolonged struggle the asset has been facing since December 2024.
Uniswap (UNI) Technical Analysis
According to technical analysis by AMBCrypto, UNI broke out of a descending triangle pattern on the daily timeframe, reaching the $15.20 resistance level for the third time since December 2024.
However, crypto history has not favored the bulls when it comes to this resistance level.
Source: TradingView
UNI Price Prediction
Based on the altcoin’s recent price action, if UNI breaks above the horizontal level and closes a daily candle above $15.50, there is a strong possibility that it will surge 30% to reach the next resistance level of $20 in near future.
However, UNI’s performance has been quite impressive in recent days. In fact, the data revealed that the asset increased by over 16% in the last three days alone.
Additionally, major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have also seen significant price increases. These assets and their performance impact overall market sentiment and, by extension, UNI as well.
On the positive side, with an RSI of 56, UNI appeared to be well below the overbought zone – a sign that there might be ample room for further gains.
67.63% of top UNI traders bet long
At the time of writing, it appears that trader interest and confidence have skyrocketed over the past 24 hours, as revealed by on-chain analytics firm Coinglass.
In fact, Binance’s UNI/USDT long/short ratio showed a reading of 2.09 – highlighting the strong bullish market sentiment among traders.
Source: Coinglass
Additionally, 67.63% of top UNI traders on Binance held long positions, while 32.37% held short positions, further reinforcing the bullish sentiment in the market.
Combining these on-chain metrics with technical analysis, it would appear that bulls are currently dominating the asset. Therefore, they can fuel UNI’s crossing of its $15 target to reach its planned target.
