Uniswap (UNI) breakout imminent: Bull run may begin.

Uniswap (UNI), which has been quiet for a while, has given the green light to the bull season with promising technical indicators.

Uniswap (UNI) fell below $8 after failing to break a critical resistance level last Wednesday. A successful close above this level could signal a rally for the decentralized exchange token. Technical indicators support bullish price movements.

Uniswap is struggling to break the daily resistance level of $8.26. This level almost coincides with the Fibonacci retracement at $8.37. If Uniswap breaks the daily resistance and closes above $8.37, it may want to test $9.23. A successful close above this level could further strengthen the bull run and push the price towards $12.01.

The Relative Strength Index (RSI) on the daily chart is at 57, above the neutral level of 50, thus showing an upward trend. Another critical metric, the Moving Average Convergence Divergence (MACD), is also showing an upward trend on the daily chart.

However, if UNI fails to break the daily resistance level and closes below $7.08 on a weekly basis, bullish hopes may be dashed. In this case, a drop to $6.30 is expected. In addition, the trend of decentralized exchanges may have a positive effect on the UNI price. In this process, the performance of other decentralized exchanges will also be important. For example, the volume gains of Jupiter or Raydium may cause Uniswap ($UNI ) to fall out of favor.

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