Since 2022, the Uniswap (UNI) price has been struggling to sustain over the $7 mark. In Q1 2024, the UNI buyers managed to smash the $7 mark but failed to sustain above that level. The Uniswap price has tested the demand zone and witnessed slow and steady growth.
The UNI token price has developed a breakout from a narrow descending channel. After the breakout, the price maintained a proper retest and gained bullish momentum. If the price surpasses the 200-day EMA, it is most likely to tempt investors and may reclaim the $20 mark.
Is Uniswap Price Ready for a Rally?
The UNI crypto price overcame the 20-day EMA and may approach the 200-day EMA. This momentum was slow but steady. So, a small pullback can be anticipated.
According to the technical chart, the bearish trend has halted near the $6 territory. Due to the demand zone, buying momentum in this zone could invite buyers for a major bullish move.
Daniel Ramsey (@ramseycrypto) is a crypto analyst who tweeted that the UNI price has the potential for a bullish move. The Uniswap crypto keeps accumulating below the mid-zone.
Loading bags with the UNI token could be a good investment for the future, as the technical chart looks strong. The expected mid-term target could be $13.45. The long-term price targets for the UNI token could be $32.30 and $70.70.
Can the UNI Price Extend to the $10 Mark This Week?
Trading at $6.73 at press time, the UNI price remained neutral during the past 24 hours. Its market capitalization was $4.04 Billion, and its 24-hour trading volume was $108.13 Million.
From the beginning of 2024, the UNI sellers looked strong at the $8 mark. Almost every time, the Uniswap price has gained bearish momentum from that bear-dominated level. The Uniswap price must dominate this territory with great volume for a solid bullish momentum.
As we can see, the momentum is not too strong, and buyers looked weak at press time. If the price drops below the 20-day EMA, it could be a selling opportunity. Assuming the price starts trading below the $6 mark, sellers may follow the trend and may drag the price to a multi-year low.
As per the technical indicators, the MACD has shaped a bullish crossover with the Signal line, and the histograms have flipped to green.
UNI Crypto Price Technical Analysis and Forecast
The Uniswap price was showing positive signs of potential bullish momentum. There were indications of a possible rally at the time of writing.
The UNI price surpassed the 20-day EMA and was eyeing the 200-day EMA. However, it’s important to keep an eye on the $8 mark, as sellers have shown strength at this level in the past.
Additionally, the MACD has indicated a bullish crossover, which also suggests a potential upward movement in price. Overall, it appears that there are opportunities for growth. Still, close monitoring of the market and price movements is essential to make informed decisions.
