Uniswap Jumps 35% as Bitcoin Tops $100K
Key Takeaways
- Uniswap (UNI) surged by 35% within 48 hours
- Triggered by Bitcoin surpassing the 100,000 USD mark
- Resistance between 7.50 and 8.00 USD could slow the rally
- Over 60% of UNI investors are currently at break-even levels
- Technical indicators point to continued momentum
Bitcoin Above 100,000 USD: Price Rally for Uniswap
The crypto market once again showed volatility—with positive effects for Uniswap (UNI). On May 8, the DeFi token’s price jumped by 26% after Bitcoin (BTC) reclaimed the psychologically important 100,000 USD mark. On the following day, UNI gained another 3% before U.S. market open. This brings the two-day increase to a total of 35%.
Technical Analysis: Target Zone at 8 USD
UNI’s price recovered from a low of around 5 USD—a level that already served as support in August 2024. The price is currently around 6.30 USD. If last year’s pattern repeats, the next resistance could lie between 7.50 and 8.00 USD. This would imply a potential additional increase of 18 to 20%.
Two technical indicators support the bullish outlook:
- Relative Strength Index (RSI): Not yet in overbought territory, so no immediate reversal signal
- Average True Range (ATR): Low volatility, indicating further upside potential
However, a drop below the 50-day Exponential Moving Average (50-EMA) at 5.80 USD would challenge the positive scenario.
Behavioural Analysis: Break-even Investors Could Slow the Price
According to current on-chain data, 61% of UNI holders are currently at break-even levels. Only 8% of investors are in profit. This poses risks: many may sell once they reach their entry prices to avoid losses. This would create selling pressure and slow the rally.
Additionally, short-term investors are currently seeing an average unrealized gain of 18% according to Santiment. This could also lead to profit-taking.
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Outlook: What Could Drive UNI Further?
If the positive market sentiment continues and Bitcoin’s dominance—currently around 60%—declines further, UNI could even target 9.50 or 10 USD. However, several conditions would need to be met:
- Bitcoin remains stable above 100,000 USD
- Break-even investors do not sell in large numbers
- Trading volume continues to rise
Our Assessment
Uniswap’s recent price movement is closely tied to Bitcoin’s performance. From a technical perspective, there is still potential for further gains. However, a significant resistance level lies at 8 USD. Investors at break-even levels could slow the upward movement. Those invested in or considering UNI should closely monitor Bitcoin’s development and the behaviour of short-term investors.
Sources
- IntoTheBlock
- Santiment
- TradingView
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