Date: Sat, Nov 23, 2024, 10:58 AM GMT
In the cryptocurrency market today, the prices of major altcoins are beginning to gain momentum as Bitcoin dominance declines. BTC dominance has dropped to 59.31%, down from its recent high of 60.40%, following Bitcoin’s historic rally to an all-time high of $99,504 yesterday.
Meanwhile, Uniswap (UNI), the leading decentralized exchange (DEX) token, is capturing the spotlight after surging 11% today. UNI is currently trading at $10.49, with a market capitalization of $6.3 billion.
Three-Year Downtrend Breakout:
Uniswap (UNI) is showing signs of potentially breaking free from a three-year-long downtrend, which began after its peak in May 2021. Over this period, UNI’s price has been trapped under a descending trendline. However, the token is now approaching this critical resistance level at $10.60.
Key Levels to Watch:
1.Breakout Confirmation: If UNI successfully breaks above $10.60, the breakout will be confirmed once the price surpasses the $12.17 resistance zone.
2.Upside Potential: After a confirmed breakout, UNI could target $17.13 and later $28.66, representing a potential upside of 132% from its current price.
This bullish setup is backed by increasing trading volume and positive sentiment around altcoins. UNI’s movement also aligns with a broader trend of altcoin breakouts as capital rotates away from Bitcoin dominance.
Is a Rally on the Horizon?
As major altcoins like ADA and XRP have already initiated significant rallies, UNI appears to be gearing up to join the party. The technical breakout above the downtrend line, if confirmed, would likely attract renewed interest from traders and investors. Given its status as the native token of the largest decentralized exchange in the crypto ecosystem, UNI holds substantial intrinsic value that could drive a strong rally.
Conclusion
Uniswap (UNI) is on the verge of a critical breakout from its three-year-long downtrend, which could pave the way for significant price gains. With a bullish market backdrop and increasing momentum, a rally appears imminent, provided UNI breaks key resistance levels.
As always, traders should remain cautious and closely monitor price action around the $10.60–$12.17 zone for breakout confirmation.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research before investing in cryptocurrencies.