Uniswap On The Verge Of A Strong Comeback – Can UNI Break And Hold $6.7?

As a seasoned researcher with years of experience tracking cryptocurrencies, I have witnessed numerous market fluctuations and trends. The current bullish momentum building around Uniswap (UNI) intrigues me, especially as it approaches the critical $6.7 resistance level.


The price of Uniswap (UNI) could rebound towards $6.7 as bullish energy strengthens. If it surpasses this crucial point, it may indicate a resurgence in the bullish trend, possibly resulting in more gains for the cryptocurrency. As market feelings evolve, the issue becomes whether Uniswap can sustain its momentum and defend the $6.7 mark, or if resistance will prove insurmountable.

As a seasoned cryptocurrency trader with years of experience under my belt, I am always on the lookout for promising assets with strong potential. In my latest analysis, I delve deep into Uniswap’s current price action as it approaches the $6.7 resistance level. With a keen eye for recognizing market trends and momentum, I evaluate whether this crypto asset has the power to break through this barrier and maintain its upward trajectory.

At the moment, UNI is being traded at approximately $6.51, marking a 2.11% rise. It boasts a substantial market capitalization exceeding $3.9 billion and a daily trading volume surpassing $102 million. However, it’s worth noting that in the past 24 hours, its market cap has grown by 2.07%, while its trading volume has decreased by a significant 11.39%.

Analyzing Uniswap’s Recent Price Action: The Road To $6.7

As a researcher, I’m observing an intriguing development in the price movement of UNI. It has surpassed its 100-day Simple Moving Average (SMA) on the 4-hour chart, hinting at bullish momentum. This upward trend is approaching the $6.7 resistance level. The fact that UNI has crossed above this significant indicator suggests a rising optimism among investors, which could potentially fuel additional growth.

Uniswap On The Verge Of A Strong Comeback – Can UNI Break And Hold $6.7?

Furthermore, examining the 4-hour RSI chart reveals that its signal line has ascended over 50% and now hovers approximately at 56%. This indicates that the bullish sentiment remains dominant and may continue to push prices upward.

On the daily chart, Uniswap continues to stay below its 100-day Simple Moving Average (SMA), yet it’s demonstrating strong bullish determination, gradually moving closer to the $6.7 resistance level following a bullish candlestick formation the day before. This suggests that the cryptocurrency retains considerable active bullish power.

Uniswap On The Verge Of A Strong Comeback – Can UNI Break And Hold $6.7?

Lastly, on the daily chart, the Relative Strength Index (RSI) suggests an increasing optimism among crypto investors. At present, the RSI signal line is trying to surpass 50%, having left the overbought area behind.

Can Bullish Trends Push UNI Past $6.7?

If the bulls manage to keep their momentum and drive the price over the $6.7 barrier, this could potentially lead to additional price increases towards the following resistance at $8.7. If the price surpasses and concludes above the $8.7 mark, it might continue its upward trend toward the next resistance at $10.3, with potential for further advancements in value beyond that point.

Should Uniswap fail to break through the $6.7 resistance point, it might instead head back towards its prior support zone of around $5.6. A drop below this support could suggest a more significant downtrend, possibly causing further falls towards lower prices.

Uniswap On The Verge Of A Strong Comeback – Can UNI Break And Hold $6.7?

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2024-08-18 01:11