Uniswap (UNI) is on the rise, with its price aiming for a comeback to $6.7. This could be a big deal for the cryptocurrency, signaling a renewed bullish trend and potentially leading to further gains.
Is Uniswap Ready to Break Through?
The question is: can Uniswap maintain its momentum and hold the line at $6.7, or will resistance prove too strong?
Let’s dive into the details:
Uniswap’s Recent Price Action:
- On the 4-hour chart: Uniswap is showing bullish momentum, having crossed above the 100-day Simple Moving Average (SMA) and approaching the $6.7 resistance level. This indicates that positive sentiment is growing and could potentially drive further gains. The Relative Strength Index (RSI) is also above 50%, suggesting that the bulls are still in control.
- On the 1-day chart:
Uniswap is showing bullish resilience, steadily advancing toward the $6.7 resistance level after forming a bullish candlestick the previous day. While it remains below the 100-day SMA, it’s still showing strength. The RSI indicator is also attempting to move above 50%, indicating a growing bullish sentiment.
Can Uniswap Break Through $6.7?
- If the bulls maintain their strength:
Pushing the price past the $6.7 resistance level could result in further price gains toward the next resistance level at $8.7. A break above $8.7 could lead to a rally toward $10.3 and potentially even higher levels. - If Uniswap experiences a rejection at $6.7: The price could start to decline toward its previous support range at $5.6. A break below this support could signal a deeper bearish trend, potentially leading to further declines.
The Bottom Line:
Uniswap is currently showing signs of bullish momentum, but it remains to be seen whether it can break through the $6.7 resistance level and sustain its gains. If it does, we could see a significant price increase. However, if it fails to break through, the price could decline.
