- Bitcoin dominance rises above the 59 mark as altcoins struggle to catch up, excluding some special DeFi tokens like Uniswap (UNI).
- Market sentiment and price action for Uniswap (UNI) suggest the price could reach $12 as investors become interested.
- UNI breaks out of its long accumulation zone of $7 as the price looks ripe for more rallies.
The U.S. post-election has seen the price of Bitcoin rally to new highs, creating much excitement for altcoins such as DeFi tokens that have shown much price action, hitting double-digit gains as many analysts suggest there could be a rotation of capital by big players into small DeFi tokens that look promising.
Despite altcoins struggling to catch up due to Bitcoin’s dominance at the 60-mark zone, which has affected the price action of many altcoins, the likes of AAVE, Uniswap (UNI), and Maker DAO (MKR) have all shown some strength, breaking out of account as price aims to rally higher.
Let us take a deep look at Uniswap (UNI) and compare their various price actions ahead of the coming days. Whales buying into these tokens would be looking to push prices to the nearest highs.
Altcoins Struggle To Catch Up Excluding Some DeFi Tokens
The cryptocurrency market has relished much praise on BTC’s post-election price action performance as the price of Bitcoin doesn’t look like slowing down, creating new highs with each passing day.
However, BTC’s dominance, which sits above 60, has made altcoins, including some DeFi tokens, struggle with price rallies. This has left no room for much price rally, with Ethereum not left out as price struggles to break past its $2,660 mark region.
Key reasons for BTC’s continuous rally include billions of dollars pouring into Bitcoin exchange-traded funds in the past weeks, thereby reinforcing BTC’s price rally to new highs.
While BTC continues its momentum to the upside, special DeFi tokens such as AAVE, UNI, and MKR have all maintained their uptrend price rally. Let us discuss 3 reasons to watch UNI’s price action and short-term price targets.
3 Reasons To Watch Uniswap (UNI) Price Action
Source – UNI Price Action on Tradingview
- Uniswap (UNI) is a leader in the DeFi space, with a market capitalization of $4.68 billion as the price trades above $8.7, which has enabled it to cement its place as a force in the DeFi ecosystem.
- Due to its decentralized system and novel solutions in the DeFi industry, investors have been attracted to it as a standout solution above other decentralized exchanges over the years.
- Uniswap (UNI) has also attracted many investors after breaking out of its long accumulation. The price of UNI retested its strong support zone of $7, rallying from that point to $8.9 before facing a minor decline. The price of UNI would be looking to maintain its rally to around the $12 mark, which could act as resistance on the daily timeframe.
While the price of Uniswap (UNI) remains promising, it would be wise to carry out more research on these DeFi tokens and manage proper risk, as crypto altcoins are known for extreme price volatility.
