Uniswap Rallies In Bearish Conditions, Can UNI Break New Grounds?
11 October 2024 - 11:00AM
NEWSBTC
Uniswap is making a surprising move, rallying in the face of
bearish market conditions, and showing signs of resilience despite
the downward pressure seen across 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 display strength, this analysis
aims to determine whether Uniswap’s recent upward movement in spite
of the broader bearish market conditions, has the potential to
break through key resistance levels and reach new highs by
examining the current price action and technical indicators.
Indicators Point Toward More Upward Movement 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 firm
trend, suggesting that buyers are gaining confidence with the
potential of targeting higher resistance levels. An analysis of the
4-hour Relative Strength Index (RSI) points to the possibility of
continued upward movement, as the RSI has rebounded to the 73%
threshold after previously dipping to 52%. This rise indicates that
positive momentum is gaining traction, suggesting that buyers are
increasingly in control and that further gains could be on the
horizon. Related Reading: UNI Bullish Rebound Signals Upsurge,
Targets $8.7 Resistance Ahead After successfully breaking above the
daily 100-day SMA, UNI has been exhibiting strong upbeat movement
signifying a shift in market sentiment, with buyers gaining
confidence and pushing the price higher. If Uniswap can sustain
this push, it may open the door for additional price appreciation
and challenge higher resistance levels. Furthermore, the RSI on the
daily chart is currently at 65%, having risen from a previous low
of 43%. This upward movement suggests that UNI is gaining momentum,
signaling more growth. If buying interest continues to hold steady,
the positive trajectory indicated by the RSI could support an
extended 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 to watch is $8.7, which could pave the way for a challenge of
higher thresholds if surpassed. A breakout above this level could
see UNI targeting the $10.3 mark, where significant psychological
resistance may come into play. Related Reading: UNI In Trouble? Key
Indicators Cites Potential Drop Amid Market Downturn 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 toward the $6.7 support zone. A breakdown below this
level could lead to more losses, possibly targeting lower support
areas. Featured image from Adobe Stock, chart from Tradingview.com
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