UNI Token Soars Amidst Wider Crypto Market Pullback
- Uniswap surged exceptionally amid a retracing crypto market.
- UNI surged 77.8% to break above the neckline of an inverted head-and-shoulders structure.
- Coinglass reports that UNI’s OI rallied from $89.21M to $151.75M in a few days.
UNI, the governance token of the decentralized exchange Uniswap, has bucked the broader crypto market trend with a significant price surge, outperforming major cryptocurrencies.
TradingView’s data illustrate how UNI’s price surged while other top cryptocurrencies, including Bitcoin, trended downwards.
Notably, UNI bounced off support on June 12 in a classic reversal pattern, initiating a 5-day continuous rally, with the price consistently closing above its opening value. Uniswap gained over 37% during this period amid widespread pullbacks across the crypto market ecosystem.
Considering traditional chart patterns used for technical analysis, UNI’s recent surge reflects a break above the neckline of an inverted head-and-shoulders structure. This represents a classic bullish move that could trigger a potential rally and the next leg of a classic uptrend.
A closer observation shows Uniswap began the recovery move on May 1…
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