Uniswap (UNI) Price Poised for 30% Rally After Exiting Prolonged Correction

Uniswap, the biggest decentralized exchange (DEX) network, continued its strong rally and remained in a strong bull market.

Uniswap price could rally by another 32% after decisively flipping a key resistance level. This move would see UNI price continue its six-month recovery.

Uniswap price soared to a high of $9.45 on November 6th, continuing a strong rally that has seen the decentralized exchange (DEX) token gain over 96% from August lows. This impressive performance has caught the attention of several analysts who shared their bullish price targets for UNI.

In an X post, one crypto analyst highlighted a potential move to $17, which would mark an 83% gain from current levels. Another analysis anticipated a 100% to 120% surge, emphasizing a breakout from a symmetrical triangle on the daily chart.

The ongoing Uniswap price rebound aligns with the broader positive shift in the crypto market following Donald Trump’s victory in the hotly contested election.

Moreover, Uniswap is displaying strong fundamentals, with the volume of assets traded on its platform surging to $12.16 billion in the last seven days. This performance helped DEX to flip Raydium, which was the most active network last month with $7.8 billion in volume during the same period, according to DeFi Llama.

UNI price’s surge also coincides with a sharp rebound in its futures open interest, which has now climbed to over $169 million, reaching its highest level in seven months.

A key breakout is hinted at by the UNI chart analysis. Uniswap price bounced after forming a spinning bottom candlestick pattern on November 4th. This pattern, which features a small body and minimal lower and upper shadows, often signals a reversal.

UNI has managed to stay above the green zone on the supertrend indicator. Additionally, it has flipped the critical resistance level at $8.61, transforming it into a support level. This pivot is crucial as it marks the highest swing on October 22nd.

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