- Uniswap price prints a three-day uptrend, pierces 50-day EMA to aim for the first weekly gain in four.
- Upbeat Stochastic backs UNI recovery from 100-day EMA, but month-old resistance line challenges further upside.
- Bullish bias holds above $8.70, a multi-week hurdle near $11.65 adds to the upside filters.
- Short-term upside potential needs validation to join the broader bullish trend.
Uniswap (UNI) price traces broader crypto optimism, posting a three-day uptrend to hit over a week’s high around $9.85, up 3.22% intraday in New York session.
UNI recovery takes clues from a sustained U-turn from the 100-day Exponential Moving Average (EMA) support, backed by upbeat conditions of the Stochastic momentum indicator.
With this, the altcoin buyers pierce the 50-day EMA resistance with eyes on a month-long descending trend-line, holding the key for UNI’s further advances.
The quote’s latest recovery also gains support from the trading volume and improves the market capitalization, suggesting the market participation and validating the rise. According to Santiment, UNI’s daily trading volume remains sturdy around $335.79 million, up for the third consecutive day, while the market cap improves to $6.16 billion, both hitting a week’s high.
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Still, a month-old bearish channel on the four-hour chart joins the falling resistance line on the daily projections to test the buyers before allowing them to add to the broader uptrend.
Uniswap Price: Daily Chart Keeps Sellers Hopeful
Uniswap keeps its recovery from a month’s low, marking a U-turn off the 100-day EMA support. However, the token struggles with the 50-day EMA resistance, backed by upbeat Stochastic, challenging the bulls’ ability to gain control after a three-week downtrend.
Even if UNI closes past the 50-day EMA hurdle of $9.76, a downward-sloping trendline resistance from early August, close to $10.20, will be crucial for the buyers to cross to confirm further advances.
In that case, a seven-week horizontal resistance region surrounding $11.60–11.65 could test buyers before prices aim for the previous monthly high of $12.28 and key January tops near $12.85, $15.15 and the yearly peak of $15.63.
Meanwhile, Uniswap’s pullback remains elusive beyond the 10-day EMA support of $9.16.
Below that, a convergence of the 200-day EMA and a seven-month-old horizontal area, close to $8.71-$8.70, appears to be a tough nut to crack for the UNI bears.
Should the prices drop beneath the $8.70 key support, the altcoin becomes vulnerable to face a slump toward May’s peak of $7.55 and June’s bottom of $5.95, with the yearly low of $4.56 as a potential target in a gradual downturn.
Uniswap Price: Four-Hour Chart Teases Short-Term Sellers
On the four-hour chart, a four-week descending trend channel joins the quote’s sustained trading beneath the 200-bar EMAs to challenge the buyers. Also, the overheated condition of the Stochastic adds to the UNI bull’s worries.
With this, Uniswap buyers may take a breather around the key EMA hurdle surrounding $9.88 before challenging the bearish channel, highlighting $10.42 as the resistance.
Should the quote manage to remain firmer past $10.42, the higher levels discussed on the daily chart will be in the spotlight, allowing buyers to reverse the yearly losses.
Alternatively, the UNI’s failure to cross the 200-bar EMA of $9.88 shifts the market’s attention to the bearish channel’s bottom near $8.80.
Also important to watch will be a three-month horizontal support near $8.75-$8.65, a break of which could direct sellers toward the daily chart’s deeper levels.
Conclusion
Uniswap is facing bullish pressure in the short term, with mixed momentum, and several resistance points weighing on its price.
However, the UNI’s overall upward trend from April is still holding strong, as long as the price stays above the important $8.75-$8.65 support confluence, giving confidence to long-term investors.
Also read: Cryptocurrency Weekly Price Prediction: BTC, XRP Rebound, But ETH Lags, amid Fed Rate Cut Buzz
