Uniswap (UNI) price targets a comeback to $6.7 as bullish momentum continues to build. A break above the key level could signal a renewed bullish trend potentially leading to further gain for the cryptocurrency. With market sentiment gradually shifting, the question now is can Uniswap maintain its momentum and hold the line at $6.7, or will resistance prove too strong?
This article aims to deliver an in-depth analysis of Uniswap’s current price action as it nears the $6.7 resistance level, evaluating whether the crypto asset has the momentum to break through and maintain its gains. Additionally, the article will inform traders about Uniswap’s prospects and highlight the potential opportunities ahead.
UNI’s price is currently trading at around $6.51 and has increased by 2.11% with a market capitalization of over $3.9 billion and a trading volume of over $102 Million as of the time of writing. In the last 24 hours, the asset’s market cap has increased by 2.07%, while its trading volume has decreased by 11.39%.
Analyzing Uniswap’s Recent Price Action: The Road To $6.7
Currently, UNI’s price on the 4-hour chart is demonstrating bullish momentum as it has crossed above the 100-day Simple Moving Average (SMA) approaching the $6.7 resistance level. The digital asset crossing above this key indicator signals that positive sentiment is growing which could potentially drive further gains.
Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently trending around 56%, suggesting that the bulls are still in control and could drive the price higher.
On the 1-day chart, while Uniswap remains below the 100-day SMA, it is showing bullish resilience, steadily advancing toward the $6.7 resistance level after forming a bullish candlestick the previous day. This indicates that the cryptocurrency is maintaining active bullish strength.
Finally, on the 1-day chart, the RSI indicator also indicates a growing bullish sentiment for the cryptocurrency as the RSI signal line has moved out of the overbought zone and is currently attempting a move above 50%.
Can Bullish Trends Push UNI Past $6.7?
If the bulls can sustain their strength in the market and push the price past the $6.7 resistance level, it could result in further price gain toward the next resistance level at $8.7. Should the price break and close above the $8.7 level, it may continue its rally toward the next resistance point at $10.3 and possibly other ranges beyond.
However, if Uniswap experiences a rejection at the $6.7 resistance level, it could start to decline toward its previous support range at $5.6. When the price breaks below this support, it may signal a deeper bearish trend, potentially leading to further declines toward lower levels.
Featured image from Adobe Stock, chart from Tradingview.com