While the broader crypto market faces consolidation, Uniswap’s native token UNI has defied the trend, extending its rally with a remarkable 40% surge on June 10. The altcoin reached a four-month high of $8.66 before experiencing a slight pullback. At the time of writing, UNI trades at $8.38—still up 17% in the past 24 hours—as bullish sentiment continues to grow.
UNI’s ongoing rally is underpinned by key technical indicators. Data from Coinglass reveals that the token’s funding rate in perpetual futures markets has climbed to a monthly high of 0.013%. A positive funding rate indicates that traders holding long positions are paying those holding short positions, reflecting increased demand for leveraged long exposure and strong bullish sentiment.
Further strengthening the bullish case is UNI’s Elder-Ray Index, which has flashed its tallest green histogram bar in over a month on the daily chart. The indicator, currently reading 3.01, measures the strength of buyers and sellers. A positive value suggests that bulls are in control, pushing buy-side pressure to new highs.
Technical analysts see this upward momentum as a signal that UNI may continue its climb. The next major resistance level lies at $9.46. If bulls manage to flip this level into support, UNI could rally further to $10.25—a price not seen since mid-February. However, investors are advised to watch for potential profit-taking, which could trigger a correction.
If a pullback intensifies, UNI may find initial support at $8.07. A failure to hold this level could expose the altcoin to a steeper decline toward the $7.08 range, effectively negating much of the recent bullish action.
Still, with strong technical indicators and growing market interest, UNI appears poised to outperform the broader crypto market in the short term. Traders will be closely watching whether the token can sustain its momentum and break through critical resistance levels in the coming days.
Also Read: Uniswap (UNI) Breaks Out: Key Levels Signal Major Trend Reversal
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
