Uniswap breaks $7.50 resistance, confirming bullish momentum and aiming for a long-term target of $42.434.
UNI trades above key EMAs at $10.957 and $9.277, reinforcing the bullish trend and suggesting strong upward momentum.
RSI at 64.23 signals robust buying activity; resistance at $14.000 could pave the way for $15.000 and $17.000 targets.
Javon, a market analyst, has highlighted the strong upward momentum in Uniswap's ($UNI) price movement, emphasizing the potential for further gains. Javon projects an ambitious price target of $42.4941608 for UNI, representing a possible increase of over 225% from its current level.
https://twitter.com/JavonTM1/status/1861773717342195996
The recent breakout from a long-standing downtrend and consolidation phase has boosted bullish sentiment, preceding price growth. Key technical indicators and price levels further validate the strength of the current trend.
Breakout from Long-Term Downtrend
Uniswap’s price recently overcame a significant descending trendline, drawn from highs near $45-$50 during 2021 and extending through the bear market. This breakout signals a shift in market momentum after a prolonged phase of lower highs.
Following this downtrend, UNI consolidated between $4.50 and $7.50 for an extended period, suggesting reduced volatility and potential accumulation. Prices have now surged above the $7.50 zone, currently trading at $13.05, marking a confirmed breakout.
This breakout positions $7.50 as a new support level, with $4.50 remaining a strong historical floor. Key resistance levels include $12.50, which has already been broken, and $42.434, aligning with the projected long-term target. However, the path to these levels may encounter resistance at $25 and $42, areas where prior sell-offs occurred.
Technical Indicators Highlight Bullish Momentum
The 50-day exponential moving average (EMA) at $10.957 acts as immediate support, while the 200-day EMA at $9.277 provides secondary support during pullbacks. Currently trading above both, UNI exhibits strong upward momentum. Notably, the gap between the two EMAs shows the trend’s strength, further supported by an EMA cross on smaller timeframes.
Source: BingX
UNI’s relative strength index (RSI) stands at 64.23, confirming robust buying activity while approaching the overbought zone. If the RSI surpasses 70, consolidation or minor retracement may occur, but it would not invalidate the trend unless critical support levels break.
Key Levels and Future Trends
UNI is approaching a resistance near $14.000. A move above this level could pave the way for further targets, including $15.000 and $17.000. However, failure to hold the $10.957 support level could lead to a decline toward the 200 EMA at $9.277, with deeper corrections possible if this level fails. These price moves highlight both bullish potential and risks to monitor closely.
