Uniswap is making a surprising move, bouncing back against bearish market conditions and showing signs of resilience despite downward pressure seen across the cryptocurrency industry. With bullish sentiment starting to build, market participants are now focused on whether UNI can maintain this upward momentum and break new ground.
As UNI continues to show strength, this analysis examines current price action and technical indicators to determine if Uniswap’s recent upward movement is likely to break key resistance levels and reach new highs despite widespread bearish market conditions. Aim.
Indicators towards a more upward move for Uniswap
On the 4-hours chart, Uniswap is showing strength as it approaches the $8.7 resistance level while trading above its 100-day simple moving average (SMA). UNI being positioned above the SMA indicates a firm trend and suggests buyers are gaining confidence in the possibility of targeting higher resistance levels.
As a result of analyzing the 4-hour relative strength index (RSI), the RSI, which previously fell to 52%, rebounded to the 73% level, showing the possibility of a continued upward trend. This rise suggests that positive momentum is gaining momentum, suggesting that buyers are increasingly in control and further upside could come soon.
After successfully breaking the daily 100-day SMA, UNI has been showing a strong bullish move, indicating a change in market sentiment as buyers gain confidence and push the price higher. If Uniswap can maintain this momentum, it could open the door to further price gains and challenge higher resistance levels.
Additionally, the RSI on the daily chart is now at 65%, up from its previous low of 43%. This upward movement suggests that UNI is gaining momentum and is poised for further growth. If buying interest continues to remain stable, the positive trajectory indicated by RSI could support a long-term rally for Uniswap, reinforcing positive sentiment in the market.
Potential upside target: How far can the bulls push UNI?
As Uniswap maintains its upward momentum, the immediate resistance level to watch is $8.7, which if surpassed could pave the way for a challenge to the higher threshold. A break above this level could see UNI targeting $10.3, where significant psychological resistance could come into play.
However, if Uniswap fails to maintain this strength and breaks above the $8.7 resistance level, the price may experience a downtrend towards the $6.7 support zone. A breakdown below this level could result in more losses, and may force us to target lower support areas.