UNI Price Prediction: Uniswap might halt its upward trend before going for a new high at $38

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Over the last 24-hours, UNI has managed to record a massive price movement in bullish momentum, allowing it to register new record levels after stagnating for weeks.

UNI Price Prediction: General price overview

In the last 24-hours, Uniswap has managed to record significant milestones, resulting in a new all-time high of $38.4 following a 30 percent price surge. At present, Uniswap is exchanging hands at around the midline of an ascending parallel pattern. According to the current pattern, it appears buyers are preparing to buy UNI following its recent surge and its positive predictions.

UNI’s ascending parallel channel comes into the picture by linking the higher lows and higher highs fabricated from 19 February to date using trend lines. While the current technical formation introduces a bearish narrative, the ongoing Uniswap price movement appears to be predicted by the ascending technical pattern. Only a downward price surge of the technical pattern’s lower range could open the door for the bears.

UNI price movement in the past 24 hours

UNI Price Prediction: Uniswap might halt its upward trend before going for a new high at $38 1
Source: TradingView

According to Uniswap’s 24-hour price movement, it seems the crypto coin is heading towards the technical pattern’s upper boundary at the $48 region after a brief price retracement from $34 to $32 demand region. Nevertheless, UNI currently has a strong resistance level at the $39 region, an area that might prove to be a major barrier for any upward movement. Despite this, UNI’s SuperTrend indicator recently showed signs of a buying season, validating the current bullish narrative.

Additionally, UNI’s IntoTheBlock’s In/Out of the Money Around Price (IOMAP) technical indicator showed no credible resistance ahead of the crypto asset. This adds more credence to the ongoing bullish outlook. Also, UNI currently enjoys the support of a section of support levels that exist up to $30. Therefore, any near-term surge in selling and overhead pressure might be followed by a near-immediate price comeback from this level.

According to UNI’s 24-hour price movement, the daily active token holders have increased from 3,900 to about 7,350. This represents an expanding user adoption and investor activity. The sudden 87 percent rise of active addresses paints a bullish narrative for Uniswap.

UNI 4-hour chart

UNI Price Prediction: Uniswap might halt its upward trend before going for a new high at $38 2
Source: TradingView

According to the 4-hour chart, Uniswap appears to be experiencing a short-term surge in selling pressure. Despite this, the crypto asset is holding on crypto exchanges as the percentage of total supplies is witnessing a significant drop from 7 percent to 6 percent. This significant drop suggests Uniswap investors and traders have faith in its price in the long term.

Conclusion

All things considered, Uniswap appears to be signaling a bullish outlook, with a strong surge in critical on-chain metrics. However, the crypto asset is yet to out of the woods as any significant push by sellers might take its price below the technical pattern’s lower range at $32. This could open the door for further price declines and spell doom for the Defi token. Additionally, the IntoTheBlock’s In/Out of the Money Around Price cohort shows that the price of the crypto asset could plunge by 5 percent towards a critical support level at the $30.8 region. This will coincide with the pattern’s lower boundary, where more than 3,000 addresses have more than 28 million Uniswap coins. Such a price decline is likely to absorb the looming selling pressure

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