Uniswap passes $13 as whales step into the market

Uniswap's price soared to new all-time highs of $13.714 as the number of whale addresses surged. On top of that, the social media attention, as well as the number of UNI bulls grew exponentially in recent days.

Fundamental analysis: more whales are entering the market

Uniswap (UNI) saw a major increase in created addresses, which increased from 131, recorded on 31 December, to 160 at the time of writing, representing an 18% increase. On top of that, the number of whale addresses also increased, most likely becoming one of the main catalysts to spark the recent push towards the upside. Uniswap's outlook is heavily tilted towards the upside, as almost every single valuable metric is positive, or on the right track to be positive.

UNI managed to gain a whopping 54.05% week-over-week, outpacing BTC's loss of 11.61% and ETH's loss of 1.22%. At the time of writing, UNI is trading for $13.45, representing a month-over-month price increase of 118.16%. The cryptocurrency boasts a value of $3.805 billion, and is currently the 13th largest cryptocurrency by market cap.

UNI/USD technical analysis: unstoppable bullish trend - UNI is heading towards $15

UNI has been in a strong bull trend since late December, with price pushing up with more confidence in 2021. After passing the $10.89 mark three days ago, UNI took a whole day to consolidate and confirm its position above this level before pushing further up. This made the upswing more healthy and more reliable, which could, in turn, result in a stronger push or a much smaller retracement.

Uniswap's push towards the upside is most likely not over yet, as the vast majority of analysts are calling for a $15 UNI in the short-term.

UNI's immediate support levels are mostly shown on smaller time-frames, while its first strong support shown on the daily time-frame is the 21.6% Fib retracement, sitting at $10.89. On the other hand, its upside is guarded by the ATH level of $13.714, while the zone above it doesn't have any resistance levels set.

UNI’s RSI on the daily time-frame is currently well into the overbought territory, with its current value sitting at 76.22.

If we zoom in to UNI’s hourly time-frame, we can see the final stages of its uptrend, where the price bounced off of the 50-hour EMA two times, and pushed to the upside with heavy volume both times. The most recent surge has brought UNI's price to a new all-time high of $13.714.

UNI is currently consolidating right below the all-time high level, and still has a chance of going further up. On the other hand, its downside is well-protected by the 21-hour and 50-hour EMAs.