UNISWAP PRICE ANALYSIS CMP-$6.05: Bulls Struggle to Sustain Momentum

At present, Uniswap is floating just above the $6.00 level.

In a recent surge, Uniswap's price skyrocketed past $6; however, it encountered resistance at $6.274, leading to a retracement. The latest candle, formed yesterday, found support at the $5.70 level and exhibits a robust bullish signal. Notably, it surpassed the previous candle high and is now on course to challenge the next resistance at $6.35.

On The Daily Chart:

Investors exhibit strong confidence in UNI tokens as UniSwap's price surpasses the 200 EMA and aims to secure critical support. Positive EMA's and continuous higher highs indicate the possibility of significant value appreciation. A bullish candle near major support signals a strong rebound, possibly leading to a 20-30% surge in the coming weeks. UniSwap token is in an accumulation phase, and breaking $6.20 could lead to a retest of $6.34 resistance and possibly an annual high above $7. On the flip side, breaking recent support at $5.70 may cause a decline to $5.20.

On The 4-Hour Chart:

A close examination of the 4-hour chart reveals that UNI is presently trading close to the upper boundary of the ascending channel pattern. The question remains whether the Bulls will successfully break out of the channel or if it will touch the lower channel. Notably, the cryptocurrency's price is currently above the 20, 50, 100, and 200-day EMAs, indicating a strong bullish momentum. Moreover, with the RSI above 60, there are clear signs of bullish sentiment in the market.

According to Coingabbar Price Analysis, The market capitalization of this UNI is estimated to be $4,625,510,517. The 24-hour trading volume for the coin is around $257,231,497.

KEY LEVELS :

RESISTANCE LEVEL : $6.40-$6.90

SUPPORT LEVEL : $5.80-$5.40

Will UNISWAP breach the channel? Are there concerns about whether the price will continue consolidating within a range? Did the bulls display strength by surpassing the $6.50 resistance level, or is uncertainty lingering regarding the sustainability of their momentum and the possibility of a potential fightback? Feel free to share your views in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.