Uniswap (UNI) price has started moving in the positive direction and the surge was recorded on Friday. It was a promising sight for the UNI community to see as their favorite asset moved upwards.
The uptrend has continued since Friday and the investors are hoping to carry on with it for a longer period of time.
Due to the Friday performance, UNI has become one of the top gainers in the cryptocurrency industry. The entire cryptocurrency community is delighted to see that UNI’s price surge has continued for several days.
The price chart shows that the trading price of UNI has continued surging for four consecutive days, the fourth day being the top performer.
Amidst a bearish trend, it is a great sign for the UNI community that the price of the asset is headed in a completely different direction.
For now, the focus of the bulls is to ensure that they continue with their strong buying. If that continues, then the trading price of the asset may surge significantly higher.
UNI Price Experienced a Price a Correction
Prior to the Friday surge, the trading price of UNI was at a low of $5.73. That is when the bullish sentiments grew stronger and more aggressive, pushing UNI’s price higher.
Then on a particular day on December 2, the price of UNI moved to a high of $6.02. It was the peak price the asset managed to hit on that particular day and it was 5% over the $5.73 mark.
However, as the trading price of UNI moved up to a high of $6.02, a selling spree took place. This meant that the bears were stronger than the bulls when they hit the high trading level.
Due to the selling spree, the value of UNI started experiencing a correction and it dipped all the way down to $5.73. The selling pressure of the bears managed to pull UNI to the bottom price.
From Bottom to a Rebound
Just when it seemed that the bulls had lost their confidence and their buying power, they retook the trend. The price of UNI started to rebound and it has continued surging since then.
The $6.02 price UNI hit was the highest it managed to hit since November 16. After achieving the rebound, the bulls have managed to push the trading price of UNI over the $6 mark again.
However, this time, the bulls are not aiming to push its price with low aggression. Instead, they are aiming to push UNI’s price much higher than the $6.02 level.
The price analysis shows that the investors are now aiming to push UNI to a high of $6.40. The bulls may need to start pushing with a stronger buying force.
If things work out in favor of the bulls, then the trading price of the asset may grow stronger. A look back at the trading price of UNI shows that in the past 7 days, the price of UNI has surged 11%.
Compared to the 11% surge in the past 7 days, the 5% surge in the past 24 hours means that the rally is gaining momentum. If the trend continues, then the bulls will be unstoppable.
RSI is supporting the Bulls
Even the RSI seems to be helping out the bulls as it is moving in the bullish zone. At the moment, the RSI is at 53.25 and it has risen from the bearish zone to the bullish in a matter of 24 hours.
The RSI is nowhere near the ‘overbought’ zone, which means the bulls can continue buying UNI without any hesitation. If the confidence level of the bulls sticks around, UNI’s price may surge to $6.40 and then to $6.50.
The positive factor helping UNI’s price to surge is the recent proposal made by the Uniswap developers.
The proposal suggests that a portion of the trading fees must be reserved and it should be done in multiple portions. Uniswap has proposed that the reserved funds would be added to Uniswap’s treasury.
Although the platform has not shared many details about the purpose of forming a treasury it has the entire community excited about the idea.