Exclusive Uniswap Token (UNI) Tops All-Time High — Will Defi Index Follow?

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In Brief
  • UNI reached an all-time high price on March 8.

  • There are resistance levels at $42.25 and $57.25.

  • The DEFI index has completed a corrective structure.

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Uniswap Token (UNI) reached an all-time high price of $34.92 on March 8, 2021.

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Since it successfully completed a support retest, UNI is expected to continue increasing towards higher levels.

 

UNI Celebrates All-Time High 

UNI had been increasing rapidly since the beginning of the year. However, it reached a then all-time high price of $32.99 on Feb. 20 and started to decrease after. 

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The drop continued for roughly a week, but the token has been moving upwards since then. 

The price broke out on March 7, creating a bullish engulfing candlestick, and reached an all-time high price of $34.92 the next day. 

The breakout is likely valid since the MACD broke its bearish trendline and the Stochastic oscillator is close to making a bullish cross.

UNI Chart By TradingView

UNI Trajectory

Cryptocurrency trader @Altcoinsherpa outlined a UNI chart, stating that it’s now in price discovery due to yesterday’s bullish close. As seen above, technical indicators also support the validity of the breakout.

Source: Twitter

A closer look at the movement reveals that prior to the breakout, the price retested the previous all-time high resistance at $31. 

Using an external Fib retracement on the most recent downward movement, we can find resistance levels at $42.25 and $57.40

UNI Chart By TradingView

DEFI Index

The DEFI Index reached an all-time high price of $2,711 on Feb. 20 but has been decreasing since.

The movement between Feb. 13-20 looks like a completed irregular flat correction. Therefore, the index is expected to increase and move towards a new all-time high.

While the RSI and MACD support this, the DEFI Index has to clear the $2,300 resistance area before potentially moving higher. 

If it does, the next closest resistance areas would be found at $3,411 and $4,560. These targets were found using the same external retracement levels used in the previous section.

DEFI Chart By TradingView

Conclusion

Despite being at an all-time high price, UNI is expected to continue increasing towards the $42-$57 range.

The DeFI index is expected to eventually reach a new all-time high, following in the footsteps of UNI.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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