The crypto market has its eyes on Uniswap after its price finally started going up following months of decline. Its price has seen a 29.75% gain over the past day. UNI is also part of the top five gainers in the market today.
Crypto analyst Universe of Crypto shared some exciting news on X (formerly Twitter) that Uniswap’s price could keep rising if it pushes past certain important price points.
The analyst pointed out that UNI’s price is consolidating just below a significant resistance level, and if the positive momentum continues, it may strive for higher goals.
Uniswap Breakout and Current Price Action
UNI’s price action shows a significant shift in trend, having recently broken through a descending trendline. This breakout suggests a potential end to the prolonged bearish phase that has characterized its performance in recent months.
The chart indicates that UNI is currently consolidating near the $10.30 resistance level, a key point that could determine its next movement. According to Universe of Crypto’s analysis, clearing this resistance could open the door for further upward movement.
Image Source: X/UniverseofCrypto
The daily chart also reveals a support zone between $5.90 and $6.30, which provided a stable foundation for UNI’s price and saw multiple bounces. This support level may act as a safety net in case of a retracement, indicating that buyers could step in to prevent further losses.
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Resistance Levels and Potential Targets
The Uniswap price is facing several resistance levels as it attempts to continue its upward trend. The $10.30 level is the immediate barrier, and if cleared, UNI may target higher resistance points at $12.00. Beyond this, the chart outlines a target range from $14.00 to $17.00, with $17.00 highlighted as a potential final target for the current rally.
Universe of Crypto emphasized that if UNI can clear the current resistance, it could be on track toward reaching these higher levels. This projection aligns with the broader bullish sentiment around UNI following its trend reversal.
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Volume and Momentum Indicators
While the chart does not display volume data, volume typically plays a critical role in confirming breakouts. A rise in trading volume would likely strengthen UNI’s position and increase the chances of it breaking through resistance levels. The momentum gained from its recent breakout suggests that UNI could achieve the targets outlined in the analysis if volume supports the movement.
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The post This Analyst Predicts Uniswap (UNI) Price Could Surge if It Clears This Resistance Level appeared first on CaptainAltcoin.
