Uniswap’s price has surged past $10, driven by improving market sentiment and bullish momentum. The DeFi token saw a significant 11% increase in the last week, with its current price standing at around $10.18.
Despite this recent rally, Uniswap’s performance on broader timeframes is still concerning. The token has dropped almost 30% in the past month and 15% over the last two weeks. However, analysts are optimistic about a potential bullish breakout, with popular crypto analyst Ali Martinez predicting a price reach of $13.
Martinez identified an Adam & Eve pattern on UNI’s hourly price chart, which is a technical analysis formation characterized by two distinct troughs. The first “Adam” depression is a sharp V-shaped dip, while the second “Eve” trough is marked by a more rounded U-shaped bottom. This pattern often indicates a reversal in market sentiment from bearish to bullish.
For the Adam & Eve pattern to be confirmed, Uniswap’s price needs to breach and successfully close above its highest high. Martinez suggests that reaching this significant level of $10.1 could set the stage for a Uniswap price rally to $13, representing a 30% gain from current levels.
Source: https://www.tradingview.com/news/newsbtc:678630f81094b:0-uniswap-price-surges-past-10-bullish-pattern-suggests-further-30-gain