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Uniswap (UNI) has effectively double in price in a week, moving from a low of $4.35 all the way up to $9.86 before experiencing a slight pullback. Its’s price was steadily increasing since 11 Jan, and only started having slight difficulties breaking resistance levels since Jan 16.

Uniswap is a decentralized trading protocol, most well-known for its role in facilitating automated trading of the popular DeFi tokens. The project aims to improve trading efficiency when compared to decentralized crypto exchanges and compete with centralized exchanges by offering some unique options. Uniswap’s goal is to create more efficiency (and is very successful in doing so so far) by solving liquidity issues with automated solutions.

In Sept 2020, Uniswap created and awarded its governance token, UNI, to its past platform users. This added two great things to the platform: profit-making potential and the ability for its users to shape the future of UNI, which is considered a very important thing in the DeFi sector. UNI’s price increase is caused by its performance in the industry, and is boosted by the overall growth of the DeFi sector. On top of that, the popularity of the platform increased greatly when Uniswap announced an Airdrop of 400 UNI tokens for its platform users.

UNI is still very near its all-time highs as it posted week-over-week gains of 41.29%. When compared to other cryptocurrencies, BTC and ETH both got heavily outperformed, as they managed to lose 4.40% and gain 7.91% over the same period, respectively.

Uniswap is now the 3rd largest DeFi cryptocurrency after passing Aave in market cap, as well as 17th largest cryptocurrency in general, with a market cap of $2.5 billion.

At the time of writing, UNI/USD is trading for $8.91, which represents month-over-month gains of 139.87%.

UNI’s strong performance in the industry, alongside the booming DeFi market, has caused the cryptocurrency’s price to rise exponentially and make a new all-time high of $9.86. Since bulls could not break the $10 mark at that time, the price stepped into retracement mode, and is currently heading towards the $9 mark.

While the sentiment around Uniswap is extremely bullish at the moment, it is unsure of whether the cryptocurrency will attempt a push above $10 or try to retest its support levels. Its upside is undefined as a push above $9.86 will bring UNI into the price discovery phase. Analysts are looking at the $10 psychological level as well as the $10.55 Fib retracement level. When it comes to its downside, UNI has strong support at its previous all-time high level at $8.67.

Various analysts are calling for a price target of $15 if Uniswap manages to break the $10 mark with confidence.

Uniswap’s RSI on the daily time-frame is on a steady rise ever since the parabolic rise has started, and is deep into the overbought territory. Its current value is sitting at 78.61.

UNI’s hourly time-frame shows its rise towards $10 as well as how the importance of the 21-hour and 50-hour exponential moving averages. At the time of writing, UNI is testing its 21-hour EMA, which seems to be holding up. The hourly volume is, as can be seen on the chart, descending to average levels, indicating that a new volume and price spike is entirely possible in the short term. The price direction of the aforementioned spike will be determined by how strong UNI’s immediate support and resistance levels are, as well as how Bitcoin and Ethereum perform in the short term.

The post Will Uniswap reach $15 in the following days? UNI gains over 100% in the past week appeared first on Invezz.

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