UNI Gains 43% in January, Could Surge Further on Bitcoin Rally

• Uniswap’s [UNI] rally in January offered 43% gains so far.
• UNI formed an ascending triangle, with a potential bullish breakout.
• Open Interest rates of UNI have increased, indicating a positive change in investor sentiment.

Uniswap [UNI] Price Prediction 2023-24

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Uniswap [UNI] is one of the leading decentralized exchanges (DEX) and has been making headlines since its launch in September 2020. The altcoin has surged over the past few months and recorded an impressive 43% gain in January 2021. The UNI/USDT pair is currently trading at $7.109, and the token has a market capitalization of $7.8 billion.

UNI’s January Rally

The altcoin started the month at $4.963 and surged to $7.109 at the time of publication. This marked an impressive gain of 43% in just one month. Bitcoin [BTC] has also been in an uptrend, and the king coin was threatening to close above $23.5K on the lower timeframe charts. This could further boost UNI’s price action as BTC continues to surge.

Ascending Triangle Formation

UNI’s price action has been following an ascending triangle pattern since January 10. The pattern is usually considered as a bullish sign, and UNI could break out of the pattern if BTC rallies above $23.5K. The target level for the bullish breakout is $7.725, which is also a pre-FTX level. This would see UNI gain over 10% if the target is reached.

Improved Investor Sentiment

According to Santiment data, UNI’s weighted sentiment has improved and was close to touching the neutral line. This shows investors‘ outlook on the DEX asset has improved over the past few days, which could bolster its uptrend momentum. Additionally, there has been an uptick in open interest rates, indicating more money is flowing into the UNI’s futures market.

UNI Price Prediction

UNI is highly bullish on the 12-hour chart, with the Relative Strength Index (RSI) valued at 60. This suggests that a bearish breakout could be highly unlikely. Low trading volumes, as indicated by the On Balance Volume (OBV), could delay the uptrend in the short term. But if BTC reclaims and surges above $23.5K, UNI’s trading volumes and buying pressure will increase.

Overall, UNI looks set to end the month in the green, with the potential for further gains in the near future.