Uniswap Breaks Out as Grayscale Prediction Hints at 36% Rally for UNI

Uniswap (UNI) price saw a 4% rise in 24 hours, breaking out of a bullish ascending triangle pattern. With Grayscale prediction and rising Layer 2 volumes, UNI may target a 36% rally by Q4 2024.

Uniswap (UNI), a leading decentralized protocol, has been making waves in the cryptocurrency market. Known for its role in facilitating trades through smart contracts, Uniswap saw a promising surge in its price. At the time of writing, UNI was up by 4.16%, trading at $7.47, with its 24-hour trading volume increasing by 22.13% to hit $156 million.

Uniswap Price Breakout and Prediction

Analyzing the UNI/USDT pair, the breakout from an ascending triangle pattern signals bullish momentum. This pattern has been forming for over a month, and the recent breakout led to a price surge of over 10%. The current 4% gain represents a healthy consolidation, suggesting that large investors and institutions are accumulating the token.

Looking forward, UNI may continue its upward trend, especially with external factors aligning in its favor. Grayscale’s latest report predicts a potential price target of $10 by Q4 2024, representing a 36% gain from its current price.

Bullish Indicators

Key technical indicators further support this bullish outlook. The MACD (Moving Average Convergence Divergence) has flipped bullish, with positive momentum in the histogram bars. Additionally, the RSI (Relative Strength Index) indicates that UNI is approaching overbought territory but still has room for gains before reaching reversal levels.

The Layer 2 (L2) trading volume on Uniswap has nearly tripled compared to the previous year, signaling strong interest and activity on the platform. Uniswap’s upcoming v4 update, which introduces “Hooks,” promises to bring even more functionality to the platform, although it has sparked some concerns within the community regarding KYC wallet restrictions.

Grayscale’s Influence

Grayscale’s addition of UNI to its list of top-performing cryptocurrencies for Q4 has attracted further attention. Alongside assets like Sui Network (SUI) and Optimism (OP), Uniswap’s inclusion on the list is a positive indicator of its potential for strong gains. In contrast, other tokens such as Render (RENDER) and THORChain (RUNE) were removed from the list, showing that Grayscale sees better prospects in UNI.

Conclusion

With its ascending price action, bullish technical indicators, and increased trading volumes, Uniswap appears well-positioned for further gains. Grayscale’s prediction of a 36% rally by the end of 2024 aligns with the current market sentiment, signaling that UNI could be on track for a breakout performance in the coming months.

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