Before thinking about short-term selling, the price of UNI should lose support at USD 25.34. The value of the cryptocurrency is still looking to increase, but it could make significant gains in the short term.

The cryptocurrency market is optimistic about the events that have occurred in the last week. Some crypto assets are looking to take advantage of that moment of euphoria to accumulate higher profits. Uniswap (UNI) is one of them, as its value has been showing positive signals, but the confirmation of some factors is still necessary.

UNI is trading at around USD 24.73, and its daily trading volume is approximately USD 679 million. In addition, it occupies the 16th position in the ranking of cryptocurrencies with a market capitalization above USD 12.8 billion, according to CoinGecko.

Technical Analysis of the Price of the Uniswap (UNI) Cryptocurrency

The UNI/USDT daily chart recently showed a positive signal as the former attempted to break through immediate resistance at USD 27.62.

The price of the Uniswap cryptocurrency is very likely to break above that resistance level due to its undoubtedly bullish trend. Of course, that could lead to minimum purchases of up to USD 30 of the token.

Before investors think of short-term selling, the price of UNI should lose support at USD 25.34. However, there is still a high probability of a further increase until that occurs.

The Momentum for the Price of UNI Has Not Yet Started

The Uniswap (UNI) weekly candlestick chart reveals the price of the cryptocurrency has not yet fully taken off. However, there will likely be a significant increase in the coming days or weeks.

The 8-week EMA and 18-week SMA moving averages, after a bullish succession, increase the possibility of such a rise.

The value of UNI needs to overcome resistance at USD 30, which would confirm the resumption of the trend in the medium or long term. After that, the price of the cryptocurrency would try to reach a new all-time high.

Factors Influencing the Momentum of the Cryptocurrency Market

The launch of US Bitcoin ETF, ProShares Bitcoin Strategy (BITO), reached a milestone. Not only does that suggest that the US SEC approved cryptocurrency trading, but the ways to invest in cryptocurrencies have also evolved.

A new wave of money could enter the market, driving the price of BTC to new highs, with the launch of more Bitcoin ETFs. Despite minor corrections that the value of the pioneering cryptocurrency has undergone in recent days, its bullish momentum has been steady. Dutch market analyst Michaƫl van de Poppe predicted that the value of Bitcoin is heading for USD 90,000.

For his part, hedge fund investor Anthony Scaramucci said that those who investigate the behavior of Bitcoin would invest in it. He noted that Ray Dalio, who used to be skeptical of the cryptocurrency, now buys it.

The momentum that Bitcoin has gained in recent weeks has impacted the value of altcoins like UNI. Additionally, the launch of new exchange-traded funds provides more options for investing in those assets.

By Alexander Salazar

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