Chainlink (LINK) and Uniswap (UNI) Technical Analysis: Bullish Outlook
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Chainlink (LINK) and Uniswap (UNI) Technical Analysis: Bullish Outlook

May 10, 2021      Dalmas Ngetich

Chainlink and Uniswap technical analysis predict solid prices. LINK/USDT and UNI/USDT both look firm for $60 in the medium-term.

Chainlink (LINK)

The dApp is a cog that supplies external, tamper-proof data to over 300 DeFi protocols. Chainlink is centered around LINK that’s used for paying services rendered.

Past Performance of LINK

The token is the most valuable DeFi project, according to trackers.

Presently, it is up roughly seven percent against BTC and USD, adding three percent versus a solid ETH. It is changing hands at around $51.

At the same time, trading volumes are up 62 percent to $3.3 billion on the last trading day.

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Day-Ahead and What to Expect

Technically, Chainlink is roaring higher. Its capitalization would continue rising in tandem with DeFi expansion.

At $50, the token trading within a bullish breakout pattern, adding to gains of Q1 2021 and reversing losses of late April 2021.

Overly, momentum is building up as LINK/USDT prices align along the upper BB.

This suggests buyers and the odds of further gains above $60 could be on the offing.

LINK/USDT Technical Analysis

Chainlink Daily Price Chart for May 10

Chainlink prices are on an uptrend. As of writing, LINK/USDT is within a bullish breakout pattern.

Banding along the upper BB, every low is possibly a loading opportunity. Immediate and medium-term targets stand at $54 and $82, respectively.

Hence, correction below $45 may see LINK/USDT prices correct to $35.

Uniswap (UNI)

Uniswap is the world’s leading DEX on Ethereum. UNI is the protocol’s native currency.

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Past Performance of UNI

The UNI/USDT price ranges between $40 and $45, trading within a bullish breakout pattern.

From UNI technical analysis, the path of the least resistance is northwards despite a nine percent contraction over the last week of trading.

Presently, the breakout trade is valid as long as UNI prices remain above $40.

Day-Ahead and What to Expect

Uniswap technical analysis and fundamentals support UNI bulls. In all, the middle BB and $40 are crucial reaction points in the immediate term.

For trend continuation, how UNI/USDT reacts at $45 could determine the short-term trend.

UNI/USDT Technical Analysis

Uniswap Daily Price Chart for May 10

Aforementioned, UNI/USDT is trading within a bullish breakout pattern above $40.

In a retest last week, the short-term trend for UNI remains upwards. However, the rally to $58 could be accelerated if there is a conclusive, high volume breakout above $45—May 2021 highs.

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Hence, losses below $40 may see UNI/USDT dump down to $30.

#Chainlink #DeFi #LINK #LINK USDT #UNI #UNI/USDT #Uniswap
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.