Uniswap (UNI) has recently experienced a 13% rebound, pushing its price above the critical $5.6 level. This rebound has sparked optimism among investors and traders as they wonder whether the bulls can sustain this momentum and drive the price even higher. At the time of writing, UNI is trading at around $5.77 with a market capitalization of over $3.4 billion and a trading volume of over $274 million.
On the 1-hour chart, the price of UNI is currently bullish and heading towards the 100-day Simple Moving Average (SMA). The digital asset has been on an upward trend since breaking above the key level of $5.6, suggesting that the bulls are gaining control of the market. The 1-hour Composite Trend Oscillator also indicates that the bulls are in control, with the signal line and its SMA above the zero line and approaching the overbought zone.
Although Uniswap is still trading below the 100-day SMA on the 4-hour chart, it is showing signs of bullish movement towards the $6.7 resistance level. After rebounding at $4.8, UNI has demonstrated bullish resilience, maintaining its pace above this level. With this positive momentum, there is potential for the digital asset to rally to other resistance levels. The composite trend oscillator on the 4-hour chart also suggests an increasing bullish strength for UNI, with the signal crossing above the SMA and both indicators attempting to move out of the oversold zone.
If the bulls can sustain their strength in the market, the price of UNI is likely to continue moving upward towards the $6.7 resistance range. A break and close above this level could lead to a rally towards the next resistance point at $8.7 and potentially beyond. However, if Uniswap faces resistance at any of these levels, it may drop towards the previous support range at $5.6. A breach of this support level could indicate a deeper bearish trend and lead to further price declines.
The recent price movements of Uniswap have been positive, with the digital asset showing signs of bullish momentum. However, it is important for investors and traders to closely monitor key resistance and support levels to determine the future direction of UNI’s price. Whether the bulls can maintain control and sustain the upward trend remains to be seen, but the current indicators suggest a favorable outlook for Uniswap in the near term.
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