Anika Begay
Uniswap (UNI) is targeting a return to $6.7 as the bullish momentum continues to grow. A break above the key level could signal a renewed uptrend that could potentially lead to further gains for the cryptocurrency. With market sentiment gradually changing, the question now is: can Uniswap maintain its momentum and hold the $6.7 line, or will the resistance prove too strong?
This article aims to provide an in-depth analysis of Uniswap’s current price action as it approaches the $6.7 resistance level, assessing whether the cryptocurrency has the momentum to break out and maintain its gains. Additionally, the article will inform traders about Uniswap’s outlook and highlight potential opportunities ahead.
UNI price is currently trading at around $6.51 and is up 2.11% with a market cap of over $3.9 billion and a trading volume of over $102 million at the time of writing. In the last 24 hours, the asset market capitalization increased by 2.07%, while trading volume decreased by 11.39%.
Uniswap Recent Price Analysis: The Road to $6.7
Currently, UNIThe price of on the 4-hour chart is showing bullish momentum as it has broken above the 100-day simple moving average (SMA), approaching the $6.7 resistance level. The digital asset breaking above this key indicator signals that positive sentiment is growing, which could potentially drive additional earnings.
Furthermore, an analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator’s signal line has successfully risen above 50% and is currently hovering around 56%, which suggests that the bulls are still in control and could push the price higher.
On the 1-day chart, while Uniswap remains below the 100-day SMA, it is showing bullish resilience, steadily advancing towards the $6.7 resistance level after forming a bullish candlestick the previous day. This indicates that the cryptocurrency is maintaining an active bullish force.
Finally, on the 1-day chart, the RSI indicator is also indicating an increasing bullish sentiment for the cryptocurrency as the RSI signal line has moved out of the overbought zone and is currently attempting a move greater than 50%.
Can bullish trends push UNI above $6.7?
If the bulls can sustain their Force in the market and push the price above the resistance level of $6.7, it could result in further price gain towards the next resistance level at $8.7. If the price breaks out and closes above the $8.7 level, it could continue its rally towards the next resistance point at $10.3 and possibly other ranges beyond.
However, if Uniswap faces a rejection at the $6.7 resistance level, it could start falling towards its previous support range at $5.6. When the price breaks below this support, it could signal a deeper downtrend, which could potentially lead to further declines towards lower levels.
Featured image from Adobe Stock, chart from Tradingview.com
