![Examining whether Uniswap [UNI] can gain 200% in 2024](https://i.headtopics.com/images/2024/4/24/cryptoamb/examining-whether-uniswap-uni-can-gain-200-in-2024-examining-whether-uniswap-uni-can-gain-200-in-2024-C80E05AE9182778E3C25C370860D0B54.webp)
Uniswap climbed to $17 in March but lost 53% of its value in the past six weeks, but investors can be confident of another run upward.
has filled a higher timeframe fair value gap on the charts. Its deep retracement meant investors might be fearful of further losses.bull run post-halving has not yet started, and there was some debate on when it will arrive. A quiet summer could give buyers more time to accumulate UNI.From May 2022 to mid-February 2024, UNI has traded within a range. This range extended from $3.7 to $7.8 and lasted just over 21 months.
The nearly two-year range breakout and retracement to the former range highs presented a fantastic buying opportunity. The Fibonacci levels showed that the 61.8% extension level at $24 was a target in the coming months. This would represent gains of 200%.The active addresses count has stalled, but together they showed that long-term UNI holders have reason to be optimistic.
The mean dollar invested age has crept higher since March, while prices fell lower. This was a sign of accumulation.The Open Interest was the lowest it has been since late January. Once again, it showed that the market has purged speculators looking for a quick short-term rally.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.
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