UNI rebounded strongly, can the $8.7 resistance level break through in one go?
UNI is coming back strongly, and bullish momentum is pushing it towards the key $8.7 resistance level. Since the recent rebound from the low of $6.7, market sentiment has been growing, and traders are keeping an eye on possible breakout points.
As buying pressure increases, market sentiment has also turned positive. If UNI can successfully break through this key resistance, its gains will be further boosted, indicating a new upward trend and paving the way for subsequent price increases.
This article is about UNI's recent price rebound and the possibility of it breaking through the $8.7 resistance level. By looking at key technical indicators and market sentiment.
Market sentiment has changed dramatically: bulls are in control again
After a bullish rebound from $6.7, UNI continued to rise on the 4-hour chart, heading straight for the $8.7 resistance level.
Looking at the 4-hour relative strength index (RSI), the signal line is now 45%, which has climbed out of the oversold zone and is approaching the 50% line. This shows that the selling pressure is decreasing and buyers are beginning to gain the upper hand.
In addition, UNI is also rising aggressively on the daily chart, and a bullish candle chart has formed after the rebound. The price is trying to break through the 100-day moving average, which is an important resistance level. A breakthrough can make the upward trend more stable. If it really breaks through the 100-day moving average, the market will be more confident, indicating that the buying pressure is large and the price will continue to rise.
What if it fails to break through?
If UNI really breaks through the resistance level of $8.7, the price may have to soar up, and it may even reach the $10.3 mark. After breaking through this level, there may be more buyers, pushing UNI to the next resistance target of $11.8 or even higher.
However, if UNI fails to hold up and falls below the resistance level of $8.7, it may have to pull back, and the price will have to fall back to the support area of $8.7. If it really falls below, it may have to continue to fall and find a lower support area.
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