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Crypto currency world today drew attention with the rise of Uniswap. UNI has been in the news recently with a strategic proposal aimed at improving the protocol’s governance. This led to a substantial increase in its price. Could this rise be an important opportunity for investors? Let’s focus on Uniswap’s technical analysis and price expectations.
Altcoin Uniswap Impresses with 55% Increase
The price of altcoin UNI, known as the governance token of the decentralized exchange Uniswap, gained significant momentum with its recent performance. A significant proposal by a Uniswap Foundation leader to improve the governance system caused a 55% increase in UNI’s price and signaled a shift in market dynamics. This sudden rise could strengthen Uniswap’s position in the market and offer an attractive opportunity for investors.
Technical analysis shows that the crypto currency UNI price has been following a horizontal trend for a while, fluctuating between certain support and resistance levels. However, the recent recovery, especially the 210% increase in the last 4 months, highlights UNI’s potential. Although part of this recovery occurred with rapid increases in the last 48 hours, a positive trend is observed in the overall movement.
Rounding Bottom Formation
The rounding bottom formation indicates that the recovery in the altcoin UNI price could continue. This chart pattern suggests that the downtrend has ended and a recovery trend in the price has begun. However, minor pullbacks could occur as short-term resistance levels are tested.
In the midst of the current rally, crypto currency UNI buyers recently challenged the neckline resistance of the formation at the $12.5 level. Breaking this barrier could intensify the recovery momentum and set a potential target at $21. Reaching these levels would mean an approximate 85% increase for the crypto currency.
A decisive factor in the crypto currency UNI price will be the success of steps taken to renew the governance system. Initiatives that incentivize and reward UNI token holders could strengthen Uniswap’s position in the ecosystem and increase community participation. As of writing this article, the UNI price is at $11.19.
