Uniswap (UNI) Breaks $10 Resistance, What’s Fueling the Surge?

• Uniswap (UNI)  price jumped over 20% in 24 hours, reaching $10.99.
• Uniswap Labs and Across Protocol announced a new standard for cross-chain intents (ERC-7683).

Uniswap’s native token, UNI, has experienced a significant surge, jumping over 22% in the last 24 hours to hit $11.07, marking its highest since early April. This bullish movement suggests a potential upward trajectory, with analysts eyeing the possibility of UNI surpassing its March highs of $15.40.

The surge in UNI’s price follows the announcement of a collaboration between Uniswap Labs and Across Protocol. Together, they have proposed a new standard for cross-chain intent to streamline cross-chain actions within the cryptocurrency ecosystem. This proposal, outlined in an Ethereum Request for Comment submitted to the Ethereum Magicians forum, has garnered attention from the crypto community and the CAKE Working Group.

Will Uniswap (UNI) Gain More Rally?

Despite a week of consolidation in the broader cryptocurrency market, Uniswap has stood out with big gains, defying the prevailing trend. The approval of a spot Ethereum ETF and positive developments within the Ethereum ecosystem has supported market sentiment, driving UNI’s price above the $10 mark.

Analysts believe that this breakout could signal the beginning of a bullish phase, potentially leading to a further increase of around 25%, with targets set above $13. In addition to this, significant whale withdrawals from crypto exchanges have been observed, further contributing to UNI’s upward momentum. 

However, technical analysis indicates a recovery in UNI’s price, with the possibility of a continuation of the bullish trend. The price of Uniswap has surged by 42% over the past week, settling above the crucial 100-day exponential moving average (EMA).

If Uniswap manages to sustain its current momentum and stay above $10.00, the price of UNI could potentially rally toward the $16.50 mark. However, a failure to maintain the bullish momentum could result in a pullback, with support levels likely to be tested around $7.60.