Uniswap (UNI) price has been struggling to stay above $7 since 2022. In Q1 2024, UNI buyers managed to break through the $7 mark but failed to sustain above that level. Uniswap price tested the demand zone and experienced a slow and steady growth.
UNI token price has broken out from a narrow descending channel. After the breakout, the price has maintained proper retests and gained bullish momentum. If the price crosses above the 200-day EMA, it is most likely to attract investors and might recapture the $20 mark.
Is Uniswap price ready to rise?
UNI cryptocurrency price has broken above the 20-day EMA and it may approach the 200-day EMA. The momentum is slow and steady. Hence, a minor pullback can be expected.
According to the technical charts, the bearish trend has stalled near the $6 area. The buying momentum in this area may attract buyers for a significant bullish move due to the demand zone.
The Uniswap cryptocurrency has been accumulating below the middle zone. As the technical charts look strong, the UNI token could be a good future investment. The projected medium-term target could be $13.45, and the long-term price targets could be $32.30 and $70.70.
Can UNI price break through the $10 mark this week?
At press time, UNI is trading at $6.78, up 2.28% over the past 24 hours. Its market cap is $4.04 billion, with a 24-hour trading volume of $108.13 million.
UNI sellers have been strong at the $8 mark since early 2024. Almost every time, Uniswap price gains bearish momentum from bear-dominated levels. Uniswap price must dominate this zone with huge volume to develop solid bullish momentum.
We can see that the momentum is not too strong and buyers are looking weak at press time. If the price breaks below the 20-day EMA, it could be a selling opportunity. Assuming the price starts to break below the $6 mark, sellers are likely to buy in and could drag the price to multi-year lows.
According to technical indicators, MACD has formed a bullish crossover with the signal line and the histogram has turned green.
UNI Price Analysis and Predictions
Uniswap price is showing positive signs of underlying bullish momentum. At the time of writing, there are signs that a rebound may be in the offing.
UNI price has broken above the 20-day EMA and is eyeing the 200-day EMA. However, it is important to keep an eye on the $8 mark as sellers have shown strength at this level in the past.
Furthermore, the MACD has shown a bullish crossover, which also suggests that prices could rise. Overall, it seems that there are growth opportunities. However, closely monitoring the market and price action is essential to making informed decisions.
