6 August 2024
Uniswap (UNI) based on recent price movements has experienced a 13% rebound, pushing its price above the critical $5.6 level. This rebound which follows a period of bearish surge by the cryptocurrency has raised optimism among investors and traders as to whether the bulls can maintain this momentum and drive the price even higher.
By offering insights and expert analysis, this article aims to provide readers with a comprehensive analysis of Uniswap’s recent 13% price rebound, which has pushed it above the $5.6 price mark. Additionally, it will assess the sustainability of the bullish momentum and evaluate whether the bulls can maintain control and drive UNI’s price higher.
UNI is currently trading at around $5.77 and has increased by 13% with a market capitalization of over $3.4 billion and a trading volume of over $274 Million as of the time of writing. In the last 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 bullish and is heading toward the 100-day Simple Moving Average (SMA). The digital asset has been on an upward spiral since breaking above the key level of $5.6, which indicates that the bulls are gaining control of the market and could drive the price higher.
Additionally, an analysis of the 1-hour Composite Trend Oscillator reveals that the bulls are currently controlling 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 for the price to continue climbing higher.
On the 4-hour, although Uniswap is still trading below the 100-day SMA, it can be observed that the crypto asset is attempting a bullish move toward the $6.7 resistance level. After the rebound at $4.8, UNI has been showing bullish resilience, thereby keeping its pace above this level. With this recent positive momentum, the digital asset could extend its rally to other resistance levels.
Finally, on the 4-hour chart, the composite trend oscillator also indicates a rising bullish strength for the cryptocurrency as the signal has crossed above the SMA of the indicator and both are attempting to move out of the oversold zone.
Expert Opinions: Will The Bulls Maintain Control?
If the bulls can sustain their strength in the market, the price of UNI will continue to move upward toward the $6.7 resistance range. Should the price break and close above the $6.7 level, it may continue its rally toward the next resistance point at $8.7 and possibly other levels beyond.
However, if Uniswap reverses its route at any of the previously mentioned resistance levels, it would begin to drop toward the direction of its previous support range at $5.6. When the price breaches this support level, it could signify a deeper bearish trend, leading to further price declines towards other lower levels.