The Uniswap (UNI) price has seen a strong bullish recovery recently amidst heightened price volatility in the cryptocurrency market. With a potential breakout on the horizon, there are indications that this altcoin could surge towards its target level of $15 in the fourth quarter of this year!
However, the resistance trendline at $7.695 is a key factor influencing the short-term price action of this popular Ethereum-based token. Will UNI price reach a new multi-month high soon? Keep reading to discover more!
UNI Coin Price On The Verge Of A Major Breakout?
The Uniswap project has been gaining momentum, with a 7% increase in the past 24 hours and a trading volume of $173.86 million, marking a 66.76% change. Additionally, it has surged by 13.78% over the past week and 17.16% over the last month.
Furthermore, a triangle pattern has formed in the 1D time frame, with the token trading within it since August. It is currently approaching its resistance level, and a potential test is imminent. The outcome of this event remains uncertain.
Uniswap Technical Insights
While the EMA 200-day poses resistance on the 1D chart, the 50-day EMA reflects increasing bullish sentiment, hinting at a possible golden cross in the UNI price chart.
The Relative Strength Index (RSI) has regained momentum and is moving towards the overbought territory, indicating further potential price appreciation for the Uniswap token in the upcoming week.
Will UNI Price Rise in 2024?
In the event of a bullish breakout, Uniswap could retest the $9.550 resistance level in the coming week. Sustaining above this level could pave the way for a surge towards the next major resistance at $11.475.
Conversely, if bears take control, UNI may revisit the support trendline of the triangle pattern. Further bearish sentiment could push the token towards its critical support at $5.725.
Curious about the long-term outlook for this Ethereum-based project? Check out our Uniswap (UNI) Price Prediction 2024 – 2030
