Uniswap (UNI) worth targets a comeback to $6.7 as bullish momentum continues to construct. A break above the important thing degree might sign a renewed bullish pattern probably resulting in additional acquire for the cryptocurrency. With market sentiment regularly shifting, the query now’s can Uniswap preserve its momentum and maintain the road at $6.7, or will resistance show too sturdy?
This text goals to ship an in-depth evaluation of Uniswap’s present worth motion because it nears the $6.7 resistance degree, evaluating whether or not the crypto asset has the momentum to interrupt by and preserve its features. Moreover, the article will inform merchants about Uniswap’s prospects and spotlight the potential alternatives forward.
UNI’s worth is presently buying and selling at round $6.51 and has elevated by 2.11% with a market capitalization of over $3.9 billion and a buying and selling quantity of over $102 Million as of the time of writing. Within the final 24 hours, the asset’s market cap has elevated by 2.07%, whereas its buying and selling quantity has decreased by 11.39%.
Analyzing Uniswap’s Current Value Motion: The Highway To $6.7
Presently, UNI’s worth on the 4-hour chart is demonstrating bullish momentum because it has crossed above the 100-day Easy Transferring Common (SMA) approaching the $6.7 resistance degree. The digital asset crossing above this key indicator alerts that optimistic sentiment is rising which might probably drive additional features.
Moreover, an evaluation of the 4-hour Relative Energy Index (RSI) exhibits that the sign line of the indicator has efficiently risen above 50% and is presently trending round 56%, suggesting that the bulls are nonetheless in management and will drive the worth larger.
On the 1-day chart, whereas Uniswap stays under the 100-day SMA, it’s exhibiting bullish resilience, steadily advancing towards the $6.7 resistance degree after forming a bullish candlestick the day past. This means that the cryptocurrency is sustaining lively bullish power.
Lastly, on the 1-day chart, the RSI indicator additionally signifies a rising bullish sentiment for the cryptocurrency because the RSI sign line has moved out of the overbought zone and is presently making an attempt a transfer above 50%.
Can Bullish Traits Push UNI Previous $6.7?
If the bulls can maintain their power out there and push the worth previous the $6.7 resistance degree, it might lead to additional worth acquire towards the following resistance degree at $8.7. Ought to the worth break and shut above the $8.7 degree, it could proceed its rally towards the following resistance level at $10.3 and probably different ranges past.
Nonetheless, if Uniswap experiences a rejection on the $6.7 resistance degree, it might begin to decline towards its earlier assist vary at $5.6. When the worth breaks under this assist, it could sign a deeper bearish pattern, probably resulting in additional declines towards decrease ranges.
Featured picture from Adobe Inventory, chart from Tradingview.com