CandleFocus Uniswap Rallies In Bearish Conditions, Can UNI Break New Grounds?
2024-10-11
Author: Content Editor
Uniswap is surprising markets by rallying despite bearish conditions in the crypto space. The analysis suggests that Uniswap may be able to break through key resistance levels and reach new highs. The 4-hour chart shows Uniswap approaching the $8.7 resistance level while trading above the 100-day Simple Moving Average (SMA), indicating a firm trend. The Relative Strength Index (RSI) on the 4-hour chart has rebounded to 73%, signaling positive momentum and potential for further gains. UNI has also broken above the daily 100-day SMA, suggesting a shift in market sentiment. The RSI on the daily chart is at 65%, indicating momentum and potential for growth. If Uniswap maintains its upward momentum, it could challenge higher resistance levels and target $10.3. However, if it fails to maintain strength, it may experience a pullback to the $6.7 support zone.
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