How was The Performance Of Uniswap In 2024?

26 jul

The Uniswap had a great start in 2024, as from mid-October 2023, the UNI price flew more than 350%, from $3.70 to $17.10 by March 6th, 2024. At the peak, the UNI price gains were not stable, and the price fell to form a support at a high volume-based profile support of around $11.08, by March 2024.

After sustaining the level for a while near $11.08, the UNI price showcased a breakdown of a bearish flag pattern by April 9th, 2024, in correlation with the market leaders' activity (BTC).
The intense fall of UNI's price formed the support by sustenance displayed at $6.86 by April 13th. On this level, the price consolidated in a narrow range, which later gave a breakout from a bullish pattern, precisely the descending triangle pattern. The breakout from the descending triangle was displayed after the price of UNI pierced the upper border on May 18th, 2024.

The breakout was strong, which displayed a more than 70% surge up to $11.85 by May 26th, 2024. However, the UNI's strength was not enough to pierce the high volume level of $11.85, where the resistance posed a threat to its ascent.

Thereon, the buyers tried multiple times to break above $11.85, which showed another upward wedge on the chart, which drew a breakdown from June 18th, 2024, onwards. Thus, the breakdown of the channel took the price back to $6.85 by July 5th, 2024.

The decline once again led the price to the historical-critical support zone, where massive spikes were earlier displayed on the daily chart.