Uniswap (UNI) Gains 4% as Traders Target $10 Price Level
Uniswap's UNI has gained 4% in the past 24 hours, trading at approximately $7.13, with a trading volume increase of 54% to around $856 million. This rise follows an announcement that nearly half of Uniswap's activity now occurs on Ethereum Layer-2 networks, contributing to a 12% increase over the past week.
Price Outlook
- UNI is following an ascending support trendline since July 2022.
- Recent retests occurred in April and May, resulting in rebounds.
- Current price remains below key Fibonacci resistance at $10.35, indicating recovery rather than a breakout.
Technical Analysis
- Daily RSI is around 62, suggesting bullish momentum but potential exhaustion.
- If price drops below $6.70, a short-term correction may occur.
- Bollinger Bands are widening; UNI recently broke above the middle band.
- Immediate resistance is near $7.50, with potential targets at $8.00 and $10.35 if momentum continues.
- MACD crossover suggests the start of a new uptrend.
- Breakout from a falling wedge pattern indicates possible mid-term rally.
Targets for this potential rally are set at $10 and $11 according to analysis from Solberg Invest.
UNI weekly chart with ascending support trendline | Source: Trading View
UNI daily chart with RSI and Bollinger Bands | Source: TradingView
UNI daily chart with MACD | Source: TradingView