Uniswap (UNI) price has gained 15.92% within the past day, 1.73% over the past seven days, and 48.96% within the past 30 days.
UNI faces resistance at $11.640, and if the price breaks above this level, the bulls may target $13.510 and $15.420 in the coming weeks.
However, if bearish momentum takes hold, UNI could test the support levels at $9.90 and $8.40.
The cryptocurrency market has witnessed a strong bullish resurgence over the past 24 hours, with prominent altcoins recording substantial gains in their respective portfolios. This surge in value is a testament to the growing optimistic sentiment that is currently prevailing in the digital asset space.
Uniswap (UNI) has emerged as one of the top performers during this market recovery, showcasing an impressive 15.92% increase within the past day. The altcoin has also gained 1.73% over the past seven days and has accumulated a remarkable 48.96% rise within the past 30 days.
These figures, along with UNI’s year-to-date return of 53.05%, suggest a favorable outlook for the token in the near future.
UNI Price Faces Resistance at Key Levels
Before the recent upswing, Uniswap’s price displayed a neutral trend, trading within a tight range between $6.920 and $8.40 for a brief period. This consolidation phase was indicative of weak price action for the altcoin within the broader cryptocurrency market.
At the time of writing, UNI is trading at $11.085, with a circulating supply of 599,957,295 tokens and a market capitalization of $6.650 billion. These metrics have enabled Uniswap to secure the 19th position in the global cryptocurrency market rankings, highlighting its significance in the ecosystem.
The Moving Average Convergence Divergence (MACD) indicator, a widely used technical tool, is currently displaying a constant flatline on the 1-day time frame. However, the MACD’s averages are showing a bullish convergence, suggesting a mixed sentiment within the crypto space and the potential for further upside.
If the market’s bullish momentum continues and pushes the UNI price above the resistance level of $11.640, the bulls are likely to regain their footing and aim for the upper resistance level of $13.510 within the current week.
If the price manages to sustain above this level, it would set the stage for Uniswap to challenge the next resistance at $15.420 in the coming period, potentially leading to further gains for the altcoin.