Uniswap (UNI), based on recent price movements, has seen a 13% recovery, pushing its price above the critical $5.6 level. This recovery that follows a bearish period outbreak by cryptocurrency has increased optimism among investors and traders about whether the bulls will be able to maintain this momentum and push the price even higher.
By offering expert insights and analysis, this article aims to provide readers with a comprehensive analysis of Uniswap recent 13% price rally, which pushed it above the $5.6 price mark. Further, it will assess the sustainability of the bullish momentum and evaluate whether the bulls can maintain control and push the UNI price higher.
UNI is currently trading at around $5.77 and is up 13% with a market cap of over $3.4 billion and a trading volume of over $274 million at the time of writing. Over the past 24 hours, the asset’s market cap has increased by 13.23% while its trading volume has decreased by 13.55%.
Technical Indicators: Signs of Sustained Bullish Momentum for UNI
Currently, the price of UNI on the 1-hour chart is optimistic and is heading towards the 100-day simple moving average (SMA). The digital asset has been on an upward spiral since breaking above the key $5.6 level, which indicates that bulls are gaining control of the market and could push the price higher.
Furthermore, an analysis of the 1-hour composite trend oscillator reveals that bulls are currently in control of the market. The signal line and its SMA have risen above the zero line and are approaching the overbought zone. This indicates that there is potential so that the price continues to rise.
On the 4-hour time frame, although Uniswap is still trading below the 100-day SMA, it can be seen that the crypto asset is attempting an upward move towards the $6.7 resistance level. After the recovery from $4.8, UNI has demonstrated bullish resilience, thus maintaining its momentum above this level. With this recent positive momentum, the digital asset could extend its recovery to other resistance levels.
Finally, on the 4-hour chart, the Composite Trend Oscillator also indicates increasing bullish strength for the cryptocurrency as the signal has crossed above the indicator’s SMA and both are trying to break out of the oversold zone.
Expert Views: Will the Bulls Maintain Control?
If the bulls can sustain their strength in the market, the UNI price will continue to rise towards the resistance range of $6.7. If the price breaks and closes above the $6.7 level, it could continue its upward trend. race towards the next resistance point at $8.7 and possibly other levels beyond.
However, if Uniswap reverses course at any of the aforementioned resistance levels, it will begin to decline towards its previous support range at $5.6. When the price breaks above this support level, it could signal a deeper downtrend, leading to further price declines towards other lower levels.
Featured image from Vectorstock, chart from Tradingview.com