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- 1 The UNI price signified a rebound from the 200-day EMA and gained buying momentum.
- 2 Buyers have persisted in accumulation and are trying to surpass $7.
UNI, the native token of the Uniswap Protocol, noted a rebound from the 200-day EMA and is approaching the round mark of $7, revealing buying momentum. Moreover, the token has trapped the sellers and escaped the downward-sloping trendline hurdle of $6.20. Afterward, the buying accumulation was glimpsed, and tokens began to form fresh higher high swings, which exhibited investor interest.
The UNI token price has surpassed the key moving averages and has gained momentum in the last few sessions. It will gain strength above the $7 mark and redirect toward $8 shortly. Moreover, the token has climbed above the neutral region and delivered a pullback on the charts. Per the Fibonacci retracement levels, the Uniswap token has risen above the 38.2% zone and is targeting to reach the 50% zone.
The Uniswap (UNI) token price was $6.87 at press time, with an intraday gain of 1.22%, showing neutrality on the charts. Moreover, the trading volume increased by 2.23% to $25.39 Million, highlighting the buying momentum. The pair of UNI/BTC is at 0.000134 BTC, and the market cap is $82.85 Million. Analysts are bullish and suggest that the UNI price will continue to gain momentum and will retain the upside above $8 soon.
UNI on Daily Charts Displays Rebound From 200-Day EMA
On the daily charts, the Uniswap token price conveys the rebound from its crucial 200-day EMA mark support zone and has gained momentum in the last sessions. Furthermore, the token has reached the $7 mark, delivering follow-on buying momentum. If the token succeeds in handling gains above $7, a short covering move will boost the rally toward $8.
The Relative Strength Index (RSI) curve stays above the midline and is heading to the overbought zone, depicting a positive crossover. Moreover, the MACD indicator shows a bullish crossover and directs the bullish crossover, which signifies a bullish outlook for the upcoming sessions.
UNI on Weekly Charts Exhibits Trendline Breakout
On the weekly charts, the UNI price breached the downward-sloping trendline and aims to escape the 100-day EMA mark above $8 to achieve bullishness. However, the trend is neutral, and the bulls must stretch the up move above $7 to gain strength. Furthermore, the token glimpsed a range-bound move below $7, and a sharp bounce can be anticipated in the coming sessions.
Summary
Uniswap token price delivers the buyers’ accumulation and the pullback from the bottom mark of $5 in the past sessions. Furthermore, the token is poised to glimpse the upside and direct the reversal toward $8, highlighting the buying momentum.
Technical Levels
Support Levels: $6.50 and $6
Resistance Levels:$7.30 and $8
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
