Uniswap makes a surprise move, rebounding in the face of bearish market conditions and showing signs of resilience despite the downward pressure seen in the crypto space. As bullish sentiment begins 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 aims to determine whether Uniswap’s recent upward move, despite broader bearish market conditions, has the potential to break major resistance levels and reach new highs by examining current price action and technical indicators .
Indicators point to more upside for Uniswap
On the 4-hour chart, Uniswap is showing strength as it approaches the $8.7 resistance level while trading above the 100-day Simple Moving Average (SMA). UNI’s positioning above the SMA indicates a solid trend, indicating that buyers are gaining confidence in the potential to target higher resistance levels.
An analysis of the 4-hour Relative Strength Index (RSI) points to the possibility of a sustained upward move as the RSI has recovered to the 73% threshold after previously falling to 52%. This increase indicates that positive momentum is gaining strength, indicating that buyers are gaining control and that further gains are in store.
After successfully breaking above the daily 100-day SMA, UNI is showing strong upward movement, signifying a shift in market sentiment with buyers gaining confidence and pushing the price higher. If Uniswap can sustain this momentum, it could open the door for additional price gains and challenge higher resistance levels.
Furthermore, the RSI on the daily chart currently stands at 65%, up from a previous low of 43%. This upward movement indicates that UNI is gaining momentum, which points to more growth. If buying interest remains stable, the positive trajectory indicated by the RSI could support a sustained rally for Uniswap, reinforcing positive sentiment in the market.
Potential Upside Targets: How Far Can the Bulls Push UNI?
As Uniswap maintains its upward momentum, the immediate resistance level is at $8.7, which could pave the way for a challenge of higher thresholds if breached. A breakout above this level could see UNI target the $10.3 mark, where significant psychological resistance could come into play.
However, if Uniswap fails to maintain this strength and breaks above the $8.7 resistance level, it could result in a pullback, with the price sliding back towards the $6.7 support zone. A breakdown below this level could lead to more losses, possibly targeting lower support areas.
