Uniswap UNI (UNI) price is targeting a return to $6.7 as bullish momentum continues to build. A break above the key level could signal a renewed uptrend that could lead to further gains for the cryptocurrency. With market sentiment gradually shifting, the question now is can Uniswap sustain 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, and assess whether the crypto asset has enough momentum to break through and sustain its gains. Additionally, the article will inform traders about Uniswap’s prospects and highlight potential opportunities in the future.
UNI 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 total asset value was Market value The Dubai Financial Market Index rose by 2.07%, while its trading volume decreased by 11.39%.
Uniswap Recent Price Action Analysis: Road to $6.7
currently, universityThe price of ‘s on the 4-hours chart is showing bullish momentum as it crossed above the 100-day simple moving average (SMA) approaching the $6.7 resistance level. The digital asset crossing above this key indicator indicates growing positive sentiment which could push More gains.
In addition, the 4-hour Relative Strength Index (RSI) analysis shows that the indicator’s signal line has successfully risen above 50% and is currently trending around 56%, indicating that bulls are still in control and could push the price higher.
On the daily 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 active bullish strength.
Finally, on the 1-day chart, the RSI 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 trying to Moves Above 50%.
Can Uptrends Push UNI Stock Beyond $6.7?
If the bulls can maintain their strength power In the market and push the price beyond the resistance level of $6.7, it could lead to further price gains towards the next resistance level at $8.7. If the price breaks and closes above the $8.7 level, it could continue to rise towards the next resistance point at $10.3 and possibly Other domains outside.
However, if Uniswap faces rejection at the $6.7 resistance level, it could start a decline towards the previous support range at $5.6. When the price breaks this support level, it could indicate a deeper downtrend, which could lead to further declines towards lower levels.
Featured image by Adobe Stock, chart by Tradingview.com