UNI Glimpse Bullishness, is $10 Achievable?

UNI price rebounded from the demand zone of $4, formed a rounding bottom pattern, and uplifted the gains over the past number of sessions. After the formation of the golden crossover at $5, UNI price continued to boost gains inside the rising parallel channel in the recent sessions. Uniswap (UNI) is the native token of the Uniswap protocol and provides its holders with governance rights. UNI holders can vote on changes to the protocol. One Billion UNI tokens have been minted at the beginning.

UNI price is trading beyond the key moving averages and is expected to target the supply zone of $10 in the following sessions. Uniswap is well positioned near $7, is holding the gains forming the higher high swings, and displayed investor interest over the last few sessions. Following the breakout of the rounding bottom pattern above $6, the UNI price could not take a breath and persisted in expanding the rally.

The live price of UNI is $7.22, with an intraday drop of 2.02%, showing neutrality on the chart. Moreover, the trading volume increased by 8.27% to $309.55 Million. However, the pair of UNI/BTC is at 0.000167 BTC, and the market cap is $6.25 Billion. Analysts have maintained a bullish rating, suggesting the outperformance will continue in the following sessions.

UNI on Daily Chart Displays Rising Parallel Channel

On the daily chart, the UNI price endured in accumulating the gains, leading with bullish momentum in the recent sessions. Recently, the UNI price has retested the 20 and 50 day EMA marks and a pullback was glimpsed, which confirms the buyers’ firm grip and resilience.

The relative strength index (RSI) curve persisted in the overbought zone near 72, highlighting a positive divergence, suggesting the continuance of an uptrend for the following sessions. The MACD indicator created huge green bars and conveyed a bullish crossover, favoring the positive sentiments for the upcoming sessions.

Will UNI Price Scratch the 200 Day EMA Hurdle?

On the weekly chart, the UNI price dashingly fled the 20 and 50-day EMA marks and targets the 200-day EMA, highlighting aggressive buying momentum. Moreover, the buyers have snared the bear cartel, and sellers are shielding their positions due to suspicion.

Summary

UNI price represents the bullish momentum and has endured in raising the upward moves, delivering the buy-on-dips stance for the last weeks. Moreover, the price action shows the buyers accumulation as investors continued to add long positions. UNI price is expected to rise to the $10 mark soon.

Technical Levels

Support Levels: $7 and $6.20

Resistance Levels: $7.80 and $8

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.