As trading approaches the weekend, market sentiment is gradually turning bullish. While the top 10 major tokens remain within their ranges, altcoins like Uniswap are showing bullish breakouts. The UNI price has surged above $10, reaching a monthly high of around $10.8.
This movement confirms a new wave of DeFi resurgence, with market capitalization rising despite a significant drop in trading volume.
Since the approval of the spot Ethereum ETF, market sentiment appears to have shifted to bullish. Following bullish trends in several altcoins, Uniswap’s price has significantly increased, breaking the psychological barrier of $10. This confirms the start of a new bullish phase, potentially leading to a nearly 25% increase and pushing the price above $13.5.
If this move is realized in the coming days, could the bulls push the price above $15?
The current trading setup suggests that Uniswap’s price is experiencing a parabolic recovery, with the latest surge expected to drive the price level over 15% higher, reaching the initial barrier of $13.5. Additionally, the Ichimoku cloud has indicated the end of the bearish phase as the price level is about to confirm a bullish crossover. Furthermore, the stochastic RSI remains in the upper range, indicating that the upward trend could continue for an extended period.
Once UNI’s price momentum strengthens, higher targets, potentially exceeding $20, are expected to be tested in the coming days. The current market sentiment and trading environment also seem to have attracted the attention of whales, as they have been accumulating large amounts of UNI alongside Uniswap over the past month. This confirms the bullish outlook and increases the likelihood of reaching new highs in the current trend.
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