• UNI gains 4.81% and holds strong above the $10 level.
• Open interest rises 4.33% to $725.11 MILLION, signaling trader confidence.
• Despite a 15.44% volume drop, UNI targets $11.45 to $14.00.

Uniswap (UNI) maintains its energetic recovery train rolling, contrary to the broader neutrality in the market. UNI jumped 4.81% in the previous 24 hours, trading at roughly $10.59.

This bounce comes after a week of more or less stable price action, solidifying recent gains following a breakout through key resistance levels.

UNI is trading with a current market cap of $6.64 billion, ranking as one of the highest-performing DeFi tokens. However, trading volume for 24 hours decreased to $652.4 million, a decline of 15.44%, reflecting a temporary decline in transactional activity.

Also Read: Uniswap Eyes Explosive Breakout, Targets $15.96 After Resistance

Uniswap Technical Structure Eyes $14 Price Target

The daily candlestick chart demonstrates a decisive breakout of the $9.23 resistance, now support. UNI tested at the $11.45 resistance, backing off a bit but still with structure in the larger Bollinger Band, suggesting bullish volatility.

The Relative Strength Index (RSI) stands at 68.01, still very near the overbought zone, indicating very strong momentum without yet giving any signs of exhaustion.

For its part, the MACD continues to print bullish divergence, with the MACD line (0.83) well above the signal line (0.75), solidifying positive sentiment.

Critical support levels are $9.23 and $8.00, and UNI would need to pass $11.45 decisively to target the psychological $14.00 level next.

Open Interest and Funding Activity Reinforce Bullish Trend

The Open Interest (OI) of UNI spiked 4.33% in a 24-hour timeframe to $725.11 million. This shows rising involvement of traders in leveraged positions, namely on the long side, giving strength to UNI’s bullish inclination.

However, total volume dropped by 9.86% to $1.47 billion, which could imply cautious optimism as traders wait for confirmation of further upside.

Meanwhile, the OI-weighted funding rate stands at 0.0098%, indicating a supportive but not sizzling derivatives market.

Such balanced funding indicates that market participants are confident in UNI’s short-term prospects without strong speculative activity that can induce mass liquidations.

If UNI holds a price north of that $10.50 threshold and breaks above $11.45 resistance, its next move up can target $14, an area that aligns with previous December highs as well as previous Fibonacci levels. If UNI cannot break above $11.45, a test back towards its $9.23 support zone can be next.

Also Read: Uniswap (UNI) Breakout Signals Bullish Trend: Next Target at $15