pwshub.com

UNI Bullish Rebound Signals Upsurge, Targets $8.7 Resistance Ahead

UNI is making a strong comeback as bullish momentum pushes the token toward the critical $8.7 resistance level. After bouncing back from a recent low of $6.7, market enthusiasm is building, and traders are watching closely for a potential breakout. 

With buying pressure increasing and sentiment turning positive, UNI’s rally could gain further upward traction if it manages to overcome this key barrier, signaling a renewed bullish trend and paving the way for additional price advances.

The aim of this article is to analyze UNI’s recent price rebound and its potential to break through the $8.7 resistance level. By examining key technical indicators and market sentiment, the article seeks to provide insights into whether its current upward momentum can be sustained, and what traders should expect if the token successfully breaches this critical price point.

Market Sentiment Shifts: Bulls Back In Control

Following the bullish comeback at $6.7, UNI’s price on the 4-hour chart has continued to gain strength to surge toward the $8.7 resistance level. UNI is also trading above the 100-day Simple Moving Average (SMA), suggesting a positive upward trend that could lead to a potential breakout.

UNI
UNI demonstrating firm movement toward $8.7 | Source: UNIUSDT on Tradingview.com

An analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line is currently at 45%, climbing from the oversold zone and approaching the 50% threshold. This upward movement indicates that selling pressure is easing, and buyers are beginning to regain control. As the RSI moves closer to 50%, this shows a potential shift toward more balanced market conditions, with the possibility of a bullish reversal if the pressure continues.

Furthermore, on the daily chart, UNI is exhibiting strong upward momentum, marked by a bullish candlestick formation following its successful rebound. The price is now attempting to break above the 100-day SMA, a critical resistance level that could solidify the rising trend. A sustained move above the 100-day SMA would reinforce market confidence, signaling increased buying pressure and the potential for more price appreciation.

UNI
UNI aiming to surpass the 100-day SMA after a rebound | Source: UNIUSDT on Tradingview.com

Finally, on the 1-day chart, a detailed examination of the RSI formation indicates that UNI may maintain its optimistic trajectory as the indicator’s signal line is rising again, positioned at 55% after dropping to the 50% threshold, suggesting a sustained upward outlook.

Potential Scenarios: What Happens If UNI Breaches $8.7?

If UNI manages to break through the $8.7 resistance level, it could ignite a price surge, propelling it toward the $10.3 mark. A successful breakout above this critical level is likely to draw in more buyers, pushing UNI closer to its next resistance target of $11.8 and beyond.

Nevertheless, if UNI fails to maintain this strength and breaks below the $8.7 resistance level, it might result in a pullback, with the price sliding back toward the $8.7 support zone. A breakdown below this level could lead to further losses, potentially targeting lower support areas. Such a move would signal weakening optimistic sentiment, raising concerns of a more extended bearish trend and prompting traders to brace for additional downside risks.

UNI
UNI trading at $7.14 on the 1D chart | Source: UNIUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Source: newsbtc.com

Related stories
1 month ago - Market indicators suggest that Bitcoin could be in for rough September, says Fairlead Strategies. Here's what to watch for.
1 month ago - Uniswap (UNI) has made a promising rebound to the $5.5 mark, sparking renewed optimism among investors and traders. With fresh momentum building, all eyes are on whether UNI can capitalize on this upward shift and push toward the next...
1 month ago - Uniswap (UNI) has made waves in the cryptocurrency world after a recent settlement that has allowed the decentralized exchange to secure a spot among the top three altcoins. Joining Mpeppe (MPEPE) and Aave (AAVE), Uniswap (UNI)’s newfound...
1 month ago - With Bitcoin (BTC) poised for recovery, experts suggest that this bullish momentum could provide a significant boost to several altcoins, including Uniswap (UNI), Mpeppe (MPEPE), and Solana (SOL). Each of these projects is uniquely...
1 day ago - Uniswap is making a surprising move, rallying in the face of bearish market conditions, and showing signs of resilience despite the downward pressure seen across the crypto space. As bullish sentiment begins to build, market participants...
Other stories
4 minutes ago - Binance executive Tigran Gambaryan will reportedly remain imprisoned in Nigeria after a judge denied his request to post bail. According to a new report by Bloomberg, Gambaryan, a former agent of the US Internal Revenue Service (IRS) and...
10 minutes ago - According to data from CoinMarketCap, Bitcoin (BTC) gained by 4.08% in the last 24 hours as it briefly traded above the $63,000 price mark. Notably, this price rise comes following a decline that saw the market leader trade below $59,000...
1 hour ago - Police in a major US city are looking for suspects as reports of people receiving fake $100 bills spread across the community. Authorities in Clare, Michigan say at least five phony $100 bills were discovered inside an Isabella Bank...
2 hours ago - Cardano (ADA) is currently trading near its yearly lows after months of underwhelming price action. Since early August, the price has struggled to hold above the crucial $0.36 level. This shift has left ADA in a precarious position, with...
4 hours ago - Real Vision’s chief crypto analyst Jamie Coutts is saying that a top Ethereum (ETH) competitor may be on the verge of a massive breakout. Coutts says that the number of active Solana (SOL) addresses has soared by triple digits in...