Uniswap (UNI) is eyeing a potential rise to $6.7 as bullish momentum gains traction. A breakthrough above this critical level could indicate the beginning of a stronger upward trend, opening the door to further gains. With the market sentiment gradually improving, the key question is whether Uniswap can sustain its momentum and hold above $6.7, or if it will face significant resistance.
This article provides a detailed analysis of Uniswap’s recent price movement as it approaches the $6.7 resistance level, assessing whether the cryptocurrency has the strength to break through and maintain its position. Additionally, it offers insights for traders on Uniswap’s future prospects and the potential opportunities ahead.
Currently, UNI is trading around $6.51, reflecting a 2.11% increase, with a market capitalization of over $3.9 billion and a trading volume exceeding $102 million at the time of writing. In the last 24 hours, its market cap has risen by 2.07%, while trading volume has dropped by 11.39%.
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Analyzing Uniswap’s Path to $6.7
On the 4-hour chart, UNI’s price shows bullish momentum, having crossed above the 100-day Simple Moving Average (SMA) and nearing the $6.7 resistance level. This crossing suggests growing positive sentiment, which could lead to further gains. Additionally, the 4-hour Relative Strength Index (RSI) indicates that the bulls are still in control, with the RSI signal line rising above 50% and trending around 56%.
On the 1-day chart, although Uniswap remains below the 100-day SMA, it is demonstrating bullish resilience, steadily advancing toward the $6.7 resistance level after forming a bullish candlestick the previous day. The RSI on the 1-day chart also reflects growing bullish sentiment, with the signal line moving out of the overbought zone and attempting to surpass 50%.
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Can Uniswap Push Past $6.7?
If the bullish trend continues and UNI breaks above the $6.7 resistance, it could pave the way for further gains toward the next resistance level at $8.7. A break and close above this level might see the rally extend toward $10.3 and potentially beyond.
However, if Uniswap faces rejection at the $6.7 resistance, it could retrace toward its previous support around $5.6. A break below this support could signal a deeper bearish trend, leading to further declines.
UNI trading at $6.46 on the 1D chart
Cre: bitcoinist
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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