Uniswap worth rose for 5 consecutive days as crypto analysts predicted additional upside potential.
The Uniswap (UNI) token reached $12.37 on Monday, Nov. 25, marking its highest stage since April 1. This represents a acquire of over 150% from its lowest level this yr.
In an X publish, Anasta Maverick, a well-liked cryptocurrency influencer with over 26,000 followers, predicted the coin might rise to $17.70, a 50% enhance from its present stage.
In the meantime, HypeManAlex, a crypto analyst with over 54,000 followers, estimated a potential surge to $100, a 733% leap. He highlighted Uniswap’s prominence within the decentralized alternate trade as a key issue.
Knowledge reveals that Uniswap helps over 20 chains, with a buying and selling quantity of over $26 billion up to now seven days. Since its launch, the platform has processed greater than $1.54 trillion, together with $81.7 billion within the final 30 days
Its greatest competitor, Raydium, dealt with $26.86 billion up to now week and $231 billion cumulatively
The community has additionally launched Unichain, a layer-2 answer at the moment in its testnet part, with the general public mainnet anticipated by late 2024 or early 2025. Unichain goals to offer a greater different to Ethereum, Solana, and Arbitrum.
Nonetheless, the chance that Uniswap worth faces is that whales have continued to promote the coin. Knowledge on Etherscan reveals that one whale moved over 466,000 UNI tokens value $5.4 million to OKX, an vital step of promoting it. One other whale moved tokens value $1.29 million to Coinbase.
Uniswap worth evaluation
The day by day chart signifies that UNI has fashioned a golden cross sample because the 50-day and 200-day Exponential Shifting Averages crossed one another.
A cup and deal with sample, characterised by a rounded backside adopted by consolidation, can be evident. This sample suggests a possible bounce to $17 within the close to time period.
Nonetheless, an increase to $100 in 2024 seems unlikely, as it might require a 733% enhance from the present stage. A drop beneath the $9 assist stage would invalidate the bullish outlook.