Uniswap [UNI] recently experienced a notable price spike, climbing from $9.15 to $10.75 in a single hour on November 12—a level it hadn’t reached in nearly five months. This impressive 17.5% increase signals renewed interest and hints at potential further gains.
Before this surge, UNI had been trading below its $8 resistance for September and October. However, on November 6, it stabilized near $9, forming a new support level. Despite a minor dip afterward, the price trajectory remains upward.
On-chain indicators also point to bullish momentum. The On-Balance Volume (OBV) reveals steady buying interest, and the Relative Strength Index (RSI) stands at 68, suggesting continued buying strength without any imminent reversal. Fibonacci analysis identifies resistance levels at $9.9 and $11.3, with current price action showing a promising recovery after the downturn earlier in the year.
Data from MobChart highlights significant sell orders at $11 and $12 and buy orders around $9.2 and $9, indicating that these price points may act as near-term pivot zones. The breach of the 78.6% Fibonacci level at $8 has added to buying confidence, raising the possibility of UNI reaching the $11-$12 range in the near future.
Currently, UNI trades at $9 USD, down 3.3% today. However, its strong performance over the last week (up 33%) and month (up 11%) suggests a prevailing bullish sentiment.
Key Points:
- UNI recently broke through key resistance levels, forming new support around $9 USD.
- UNI’s market cap is at $5.42 billion, with a 24-hour trading volume of $1.35 billion, indicating robust market interest.
- If UNI maintains support at $9, a rebound toward $10 and beyond remains likely.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
