Investors are speculating Uniswap (UNI) price will continue rising if it surges past critical resistance of $8.74. The price surge has been noted with the note of the $8.74 dance of UNI as a key cross to carry, as a break of this one could pave the way for new highs.
After a rebound from the $6.742 support, UNI has displayed solid bullish strength pushing through the 100 day Simple Moving Average on the 4-hour time frame. The move upwards indicates a change in market sentiment, as buyers nudge the price forward toward the brutal $8.74 level.
Uniswap Eyes Breakout For Gains
If the price breaks out to the upside further gains, and a new price range could be established. An emerging crop of technical indicators shows renewed optimism for Uniswap. The Relative Strength Index (RSI) in 4 hours has overtaken into the oversold zone at 85%, indicating the formation of buying pressure and a reduction in the bearish pattern we saw in the past.
UNI is still trading steadily above the 100 day SMA (long term moving average) on the daily chart and it has also been consistently trading above the. The RSI has risen to 67% on a daily scale, after a recent low of 37%. If this keeps going it suggests more strength, getting into more bullish momentum. It would hugely improve the chances of continued gains if you were able to stay above 60% on the RSI.
This means that Uniswap needs to break the $8.74 resistance level before the next move. If they succeed at that breakout they could have new areas they can target and have $10 become a potential next stop. But if it doesn’t breach this level, that could set off a pullback and retest key support levels, or at least a consolidation phase.
