Uniswap Price Jumps 27% in 24 Hours as Fibonacci Retracement Levels Come into Play

Uniswap's price surged by nearly 27% in the past 24 hours and 38% over seven days, reaching $8.85 on September 18, according to data from CoinMarketCap.

This significant increase comes after a period of consolidation between $6 and $6.70, with buyers defending the $6 area during previous declines.

The price action has led to some important levels being tested, including the first Fibonacci retracement near $7.50, which could provide support if the price pulls back.

Short liquidations played a significant role in the breakout, with shorts accounting for 88% of the tracked liquidations on Gate, suggesting that forced short closures contributed to the momentum after UNI cleared its previous high.