Uniswap Bulls Set Sights On $16.9 Resistance As Uptrend Extends
Uniswap (UNI) is gaining impressive momentum, reigniting hopes for a continued bullish run. As the token powers up, its next target could be the $16.9 mark, a critical level that could set the stage for even greater gains.
With momentum building, the question is whether UNI can break through this resistance and push toward new heights.
The aim of this article is to analyze Uniswap’s recent surge, focusing on its potential to break through the key $16.9 resistance level.
This analysis will determine if UNI is poised for further gains or challenges in breaking through this critical price point by examining the factors driving UNI’s rally, including technical indicators and market sentiment.
Examining UNI’s Recent Momentum Surge
On the 4-hour chart, UNI is showing strong bullish strength, attempting to break out of its consolidation zone. Trading above the 100-day Simple Moving Average (SMA), the token is targeting the key $16.9 resistance level, signaling the potential for additional upward movement if it maintains its position above the SMA.
An examination of the 4-hour Relative Strength Index (RSI) shows that the RSI has climbed back above the 61% threshold after experiencing a decline to 56% signaling a resurgence in buying pressure, reflecting renewed bullish movement in the market.
A persistent climb would indicate strong overbought conditions, suggesting robust demand and the possibility of more price growth.
Also, the daily chart showcases UNI’s robust upward momentum, highlighted by the formation of a positive candlestick pattern as the price rebounds, indicating the potential for further gains.
Its position above the SMA solidifies the positive trend, signaling consistent strength. As UNI continues its ascent, it inspires growing market confidence and paves the way for an extended increase.
