- Uniswap surged 35% as Bitcoin reclaimed the $100K mark, sparking renewed bullish sentiment.
- However, heavy resistance around $8 and potential profit-taking could limit UNI’s upside unless BTC remains strong.
Uniswap [UNI] surged 35% in just 48 hours, riding the wave of Bitcoin’s dramatic return above the $100,000 mark—a milestone BTC hadn’t touched in over three months. The powerful upswing reignited bullish sentiment across the crypto market, but now the pressing question remains: can UNI’s momentum carry it to the $8 or even $9 level?
As of May 9th, UNI posted a 3% gain in early trading, adding to the explosive 26% jump on May 8th. The rally has brought renewed optimism, but also caution. Historically, the $8 price zone has proven to be a formidable resistance level, with many investors sitting at break-even. According to IntoTheBlock, over 60% of UNI holders are at breakeven at current prices, while only 8% are in profit—setting the stage for potential profit-taking.
Also read: Shiba Inu Flips Hedera as Bullish Breakout Targets 40% Rally to $0.000018
Technicals provide a mixed picture. The Relative Strength Index (RSI) is nearing overbought territory but hasn’t flashed a reversal signal yet. Meanwhile, the Average True Range (ATR) remains low, indicating that volatility may still have room to expand—often a precursor to extended price moves.
Support remains firm at $5.8, where the 50-day Exponential Moving Average (EMA) sits. A break below this level could invalidate the bullish outlook. However, if UNI can crack the $7.5 to $8 resistance zone, the next logical target would be $9.5 or even the psychologically significant $10 mark, especially if Bitcoin maintains its dominance.
On-chain data from Santiment reveals that short-term UNI holders are sitting on 18% average unrealized profits, another reason why some may sell into strength. Yet, if broader risk appetite holds—especially amid rising altcoin chatter and BTC dominance easing below 60%—Uniswap could see further upside.
Ultimately, UNI’s next move hinges heavily on Bitcoin’s ability to maintain its ground above $100K. Should bullish sentiment hold through the weekend, Uniswap could be one of the top altcoins to watch.
This article is for informational purposes only and does not constitute financial or investment advice.
