Uniswap (UNI) price has surged by around 15% in the past 24 hours, driven by strong bullish momentum. The RSI has risen to 67, indicating that UNI is approaching overbought territory but still has room for further gains before a potential correction.
If the uptrend continues, UNI could test resistance at $13.30 and $14.80, with a potential push to $17, but a reversal could see it test support at $12 or drop to $8.59.
RSI is not yet overbought
Uniswap’s RSI rose from 50 to 67 in just one day, reflecting a strong increase in bullish momentum. The Relative Strength Index measures the speed and magnitude of price movements on a scale of 0 to 100.
Values above 70 indicate overbought conditions and potential for a correction, while values below 30 suggest oversold conditions and a possible recovery. The current RSI of 67 suggests that UNI is approaching overbought territory but still has room for further gains.
RSI and UNI. Source: TradingView
Given the recent momentum, UNI price could continue to rise until the RSI breaks above 70, signaling stronger bullish sentiment in the near term.
Historically, currencies often undergo corrections after entering overbought zones. However, with the RSI not yet there, the increase may have more room to continue, as it did in early November.
BBTrend is very positive
UNI's BBTrend is currently at 16.5, remaining positive since November 24 after briefly turning negative. The Bollinger Bands Trend measures the strength and direction of price movements relative to the Bollinger Bands.
Positive values indicate bullish momentum, while negative values reflect bearish pressure. A positive BBTrend signals that Uniswap is currently in a bullish phase.
BBTrend from UNI. Source: TradingView.
While UNI’s BBTrend is still high at 16.5, it has dipped slightly from 18 yesterday, suggesting a slight weakening of the bullish momentum.
This drop indicates that while the uptrend is intact, the strength of the current rally may not be as strong as before. If BBTrend continues to fall, it could signal an imminent consolidation or correction.
UNI Price Prediction: Could Token Hit $17 in November?
If Uniswap’s strong uptrend continues, the price is likely to test resistance at $13.30 and $14.80 in the near term. Breaking these levels could push UNI’s price up to $17, marking its highest level since March and representing a potential 36% gain.
UNI Price Analysis. Source: TradingView
However, if the uptrend reverses, UNI price could face a retest of key supports at $12 and $10.40. If these levels fail to hold, the price could drop further to $8.59, marking a substantial 31% correction.
The article Uniswap (UNI) Up 15% and Still Has Room for More Gains appeared first on BeInCrypto Brasil.
