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- 1 The UNI price action has been piloting a good breakout from the falling wedge.
- 2 The trading volume for the last 24 hours on all trading platforms is 98.83 Million, and the market capitalization is 4.61 Billion.
The Uniswap price has depicted on the daily chart that the price struggled in the supply area for some days and eventually ended up in a declining wedge.
The UNI price action displays the past price structure as it advanced from $5.0 to $8.20. However, the price dropped at the beginning of 2024 and followed a wedge.
The UNI token could not smash important support and portrayed a sign of resurgence as its price turned around from a critical support level of around $5.736 on the chart.
Similarly, it has presented good performance in the past week, month, and three months by 15.45%, 21.51%, and 48.65% respectively, distinguishing a dependable upward trend.
At the time of publishing, the UNI crypto has encountered an inclination of 1.01% in the last 24 hours, trading at $7.733. The UNI price action has been piloting a good breakout from the falling wedge, and the supply has reached where the price is trying to sustain in order to jump above it.
Once sustained above the supply zone, the price could stimulate another rally and target larger levels or the major round number.
Moreover, the trading volume for the last 24 hours on all trading platforms is 98.83 Million, and market capitalization is 4.61 Billion.
The Uniswap Crypto Price is at the Top; Will It Ascend More Or Reverse?
Uniswap crypto is ready to continue this sensational surge, as it is showing sustenance in order to topple the resistance level. Yet, it could plummet to the nearest support if buyers fail to smash the most immediate support.
The UNI asset shows bullish potential as its price bounced from dynamic support and stays above major 20-day and 50-day EMAs.
Moreover, the Uniswap asset is in a strong uptrend as MACD is above the zero line and shows a broad histogram bullish crossover. Where the MACD line is at 0.365, the signal line is at 0.220, and the histogram is at 0.144. The RSI indicator shows signs of some consolidation to relax the RSI curve from overbought conditions to an average value to keep above the median line.
Therefore, if the demand advances above the supply zone, the asset price could continue rising exponentially from the current level. The next goal for the price is to reach $9.00, and in-between resistance would be $8.50.
Another possibility is that if the UNI crypto price fails to stay above the $7.0 level, it could slump below.
Summary
Uniswap is showing sustenance in order to topple the resistance level and soar to new zeniths, but if buyers fail, it could plummet to the nearest support as well. The technical tools deliver the same info as the major tool, MACD, which shows a bullish cross and the RSI curve retracting from a highly overbought area.
Technical Levels
Support Levels: $7.0
Resistance Levels: $8.50
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
