Uniswap surged to $9.5 - Can UNI break new heights?

Uniswap (UNI) is riding a new bullish momentum, with its price approaching the key $9.7 resistance level. This surge has attracted investors' attention, who are eager to see if UNI can overcome this obstacle and unleash new upside potential. As market sentiment becomes more positive, the $8.74 level will be a crucial strength test for Uniswap's rebound.

After rebounding from the support level of $6.742, UNI showed strong bullish momentum and decisively broke through the 100-day Simple Moving Average (SMA) on the 4-hour chart. This trend indicates a strong shift in market sentiment as buyers regain control, pushing Uniswap towards the key resistance level of $8.748. As it approaches this resistance level, UNI is testing its upward strength, and a breakthrough may pave the way for further pump and establish a new higher trading range.

In addition, the 4-hour Relative Strength Index (RSI) analysis highlights new upside potential, with the RSI climbing from the Oversold region to above 50%. Currently, the RSI is at 85%, indicating strong buying pressure and a shift from the previous bearish phase to a more neutral and potentially optimistic outlook.

In addition, the daily chart shows that Uniswap is on a steady rise trajectory, with strong bullish candlestick reflecting sustained buying pressure. UNI's position above the 100-day moving average further supports this positive price action, enhancing the likelihood of continued pump. Continuously staying above this key moving average indicates growing positive sentiment, as buyers maintain control and push the price to higher levels, potentially laying the foundation for testing the upcoming resistance zone.

Finally, the RSI on the daily chart has risen to 67%, recovering from the previous 37% decline. If the RSI continues to climb, it may indicate that the PA of UNI is becoming stronger. In addition, maintaining a level above 60% will greatly increase the likelihood of continued bullish momentum and potential breakthroughs, further enhancing the positive sentiment of the asset.

The $8.74 level of Uniswap is the key resistance point that determines its next phase of price movement. If UNI can break through this barrier, it will become a springboard for further pumping, and the target of $10 or above will become achievable as the pumping pressure intensifies.

However, if the resistance level remains unchanged, it may trigger a pullback, which could test the key support level of UNI and lead to a consolidation phase.


(Data Source: Godspower Owie)