UNI price reclaims multi-month highs, recording a strong bullish rebound. According to the latest on-chain sentiment, the Uniswap chain has seen a 30.36% increase in total value locked (TVL) this month and has surged about 70% this year, highlighting strong fundamentals.
As on-chain sentiment heats up, will Uniswap price hit a new 52-week high soon? You only need a few minutes to understand the short-term possibilities for the Uniswap (UNI) crypto token.
UNI price retests its important resistance level!
Uniswap price has maintained its bullish price action against all odds. Notably, the altcoin surged by about 10% in 24 hours with a trading volume of $1.231 billion and a gain of +108.08%.
Furthermore, the UNI cryptocurrency token is up 46.69% this week, breaking out of an ascending channel pattern on the daily timeframe. Moreover, it has surged 61.56% in the past 30 days, with a year-to-date (YTD) return of 76.89%.
Uniswap Technical Perspective
The Simple Moving Average (SMA) continues to support the UNI token price chart on the 1D timeframe. This highlights the strong bullish sentiment in the market for the altcoin.
Furthermore, the MACD indicator has recorded a steady rise in the green histogram, with its average experiencing a similar price trend. This suggests a bullish outlook for the 22nd-largest cryptocurrency.
Is Uniswap worth buying?
If the bulls regain momentum, the UNI cryptocurrency token will retest its resistance at $13.50 this week. Moreover, if the bullish sentiment intensifies, this could lead it towards its overhead resistance at $15,650 in the coming period.
However, if the bears outweigh the bulls, the Uniswap price will retest its support at $11,475. Also, if the bearish sentiment intensifies, this could pull the altcoin’s price towards its lower support at $10.