CandleFocus Uniswap Bulls Set Sights On $16.9 Resistance As Uptrend Extends
2024-12-01
Author: Content Editor
The article discusses the recent surge in Uniswap's (UNI) price and analyzes its potential to break through the critical resistance level at $16.9. The analysis considers technical indicators and market sentiment. UNI is showing strong bullish strength on the 4-hour chart, trading above the 100-day SMA and targeting the $16.9 resistance level. The RSI has climbed back above the 61% threshold, indicating renewed bullish movement. The daily chart also demonstrates robust upward momentum, with UNI forming a positive candlestick pattern. However, the RSI on the daily chart recently hit 70%, suggesting overbought conditions. If UNI maintains its momentum and breaks above $16.9, it could lead to new highs, but a failure to do so may result in a pullback or consolidation towards the $11.8 support level.
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