Uniswap breaks out of falling wedge: analysts eye UNI at $12.70
- —UNI reached $7.065, 200% above its June low
- —The $12.70 target corresponds to the 0.236 Fibonacci level and offers 80% upside
- —Key resistance is the 200-week EMA at $7.78
- —About 184,000 UNI worth $1.15 million were burned in a day after UNIfication
Why it matters: The wedge breakout and deflationary burn mechanism could boost demand for UNI, but the rally will only be confirmed by a weekly close above $7.78.
Source: Cryptonews.net