Uniswap increased by 20% as Bitcoin surpassed the 100 thousand USD mark.

* Uniswap rises over 30% as Bitcoin exceeds 100K USD.

• The resistance at 8 USD may become difficult if the holders at breakeven decide to sell.

Uniswap [UNI] rose 26% on May 8 when Bitcoin first surpassed the 100K USD threshold in three months.

On May 9, before the US market opened, this DeFi token recorded an additional 3% increase in value, bringing the total recovery to 35% over the past 48 hours.

But can this price increase last until the weekend with the main obstacle in the range of 7.5-8 USD?

The direction of UNI

Source: UNI/USDT, TradingView

The Q1 price drop has stabilized around the 5 USD level, similar to the level that halted the drop in August 2024. If the recovery from August last year repeats, the main target will be the resistance zone above 8 USD.

Therefore, the bulls can push the price up by an additional 18-20% from the current level of 6.3 USD to a level of 7.5-8 USD. In fact, the RSI is near the overbought level, indicating that there are no signs of a reversal yet.

Moreover, the ATR, a volatility tracking indicator, is still low, indicating that the upward momentum may not be over yet.

Conversely, this bullish theory would be invalidated if UNI falls below the 50-EMA at 5.8 USD.

More than 60% of Uniswap holders are at breakeven

Note that the upper resistance level may be difficult to overcome due to two main factors. First, only 8% of UNI holders are profiting at the current value, but 61% are at breakeven.

In the worst-case scenario, investors at breakeven can sell to preserve capital and slow down the increase.

Source: IntoTheBlock

In fact, Santiment shows that Token Holders over the past 30 days have an average unrealized profit of 18%.

This may encourage short-term holders to take profits.

Source: Santiment

In summary, the 8 USD level may pose a challenge for the bulls, especially if BTC drops below 100K USD.

However, if the risk-on sentiment persists and the dominance rate of BTC falls to 60% or lower, UNI could target 9.5 USD or 10 USD.

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