Uniswap Launches a Massive Surge—Can the Bulls Hold the Rally Above the Gains?

The crypto markets are painted in green as the market participants turn bullish after Donald Trump sweeps the polls, becoming the new President of the United States. With this, the token with fewer expectations of a breakout attracts massive volume and breaks out of range. The bulls constantly failed to elevate the Uniswap (UNI) pice back to a 2-digit figure and are now aiming to initiate a 2021-like bull run. 

The buying volume over Uniswap rose by over 600% to reach above $800 million from the levels below $200 million, suggesting a massive rise in the trader’s interest over the token. With this, the UNI price is among the top performers, with a massive rise of over 25% since the early trading hours. Now that the token has entered the top 20, can the top DEFI token enter the top 10 in the upcoming bull run?

The UNI price was largely expected to drop by over 30% but the token has gained the same amount, suggesting a brighter future for the token ahead. 

As seen in the above chart, the UNI price has reversed the bearish possibility of a decisive symmetric triangle with a 30% upswing. The previous rise in the volume elevated the levels above the consolidation around $7.3 and the current one raised it above $8. However, the bears are trying to restrict the rally below the crucial resistance at $9.65, which could be the turning point for the Uniswap price rally. 

On the other hand, the technicals have also flashed bullish signals as the MACD triggers a bullish crossover with a drop in selling volume. Moreover, the token is due for a ‘Golden Cross’ as the 50-day & 200-day MA are about to undergo a bullish crossover, which may offer a strong bullish push beyond the pivotal resistance at $9.65. With this, the Uniswap price is believed to surpass $10, which could elevate the levels close to the resistance zone between $11.69 and $11.94.