Uniswap (UNI) Price Analysis: Surge Amidst Increased Trading Volume Hints at Further Gains

Uniswap [UNI], like most altcoins, has experienced extreme volatility over the past week. The crypto market has fluctuated to heightened levels throughout August.

The price of Uniswap [UNI] has surged over the past seven days, amidst increasing trading volume. At press time, the altcoin was trading at $6.99 after registering an 11.11% increase on daily charts.

This seven-day period saw UNI prices hit a high of $7.01 and a low of $6.95. Despite the recent surge, UNI’s prices remained below the June 2024 high of $11.5, with market analysts keeping an eye on an uptick above $8.

The current market conditions had traders eyeing a buying opportunity, which positioned the altcoin for further gains. In fact, as highlighted by several, UNI was bound to hit higher price points before the month ended.

To this end, analyst Nite took to their X (formerly Twitter) page to highlight a ‘Buy Signal Confirmed,’ adding,

“21% move to overhead resistance.”

According to the analyst, if UNI maintained its level above $6, it was bound to experience a sustained rally. Furthermore, AMBCrypto’s analysis of Market Prophit showed that the altcoin was enjoying positive market sentiment at press time.

As highlighted by Market Prophit, Uniswap’s crowd sentiment was positive at 0.09, with a buzz score of 0.97.

Over the past 24 hours, UNI’s price saw an 8.8% increase, as it broke out of its descending channel. AMBCrypto’s analysis showed that the crypto was enjoying a strong upward movement at press time.

Also, the Simple Moving Average (SMA), at $6.4, was below daily prices at $6.99. This suggested that Uniswap was experiencing buying pressure, resulting in an uptrend.

Moreover, the Chaikin Money Flow (CMF) was positive at 0.15, further conforming to increased buying pressure.

Looking further, Coinglass data showed that the OI-Weighted Funding Rate has been positive for the last 48 hours. This meant that more traders were going long (betting on prices to increase).

The positive Funding Rate implied that long-position holders were willing to pay a premium to hold their positions.

Equally, long position liquidations have decreased since the 5th of August, where it hit $2.6 million, to $26k at press time.

This further proved the higher demand for long positions, with investors betting prices to increase.

Hence, if the prevailing market condition holds, UNI will attempt its previous resistance level of $8. A breakout from this level would give the altcoin enough strength for a rally towards $12.

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