UNI Technical Analysis: Uniswap Prices Shoots Above $8

The UNI price action shows a bullish breakout rally challenging the 200-day SMA in hopes of reaching the psychological mark of $10. 

Key Technical Points:

• The UNI prices jumped by 26% in the last 24 hours.
• The consolidation range breakout rally exceeds the $8 mark.
• The 24-hour trading volume of Uniswap is $490 million, indicating a drop of 94.68%.

Past Performance of UNI

As teased in our previous article, the UNI prices broke the consolidation range to exceed the $8 mark and challenge the 200-day EMA. The bull run overnight comes despite the Fed’s interest rate increase as it meets the market expectations. Hence, the altcoins see a surge in buying pressure and tease a bullish trend continuation.

Source — Tradingview

UNI Technical Analysis

The bullish engulfing candles formed in the UNI/USD price chart display a significant increase in buying pressure with the support of volume spikes. Hence, the likelihood of an uptrend sustaining above the $8 mark increases. The 200-day SMA opposes the uptrend, but the increasing bullish influence on the 50 and 100-day SMAs tease a crossover to regain positive alignment. The crossover event will increase the buying pressure and improve the market sentiments. The bullish breakout undermines the bearish alignment of the MACD and signal lines with another positive crossover. The surge in underlying bullishness is evident by the spike in the daily-RSI slope reaching the overbought boundary. In a nutshell, the technical indicators project a bullish bias supporting the UNI technical analysis of an uptrend continuation.

Upcoming Trend

If the price trend exceeds the 200-day SMA, the UNI market value will shoot up to challenge the psychological mark of $10 to reach $12.5. Conversely, a reversal from the 200-day SMA will result in downfall to the $8 mark. Resistance Levels: $10 and $12.5 Support Levels: $8 and $6.75

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