- Uniswap price rebounds from a two-week low, ending a two-day losing streak, but buyer confidence remains sluggish.
- 21-day SMA guards immediate upside, even as UNI bulls defend recovery from late June.
- Dicey momentum indicators, immediate resistances limit Uniswap’s rally potential, despite the broader uptrend staying intact.
- UNI’s recovery may stay slow, but it steadily supports the broader effort to erase yearly losses.
Uniswap (UNI) prints the first daily gain in three while rising to $10.25 ahead of Wednesday’s U.S. trading session.
This marks the UNI’s bounce from its lowest level in two weeks. Further, the rebound also defends the altcoin’s two-month gradual recovery trend and defends the broader upside momentum.
Still, the positive performance lacks support from trading volume and faces immediate resistance at the 21-day Simple Moving Average (SMA), posing a challenge for the short-term buyers. According to Santiment, UNI’s daily trading volume stands at $411.24 million, the lowest in three days, even as its market capitalization recovers from a two-week low to $6.44 billion.
Apart from that, the 14-day Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator also struggle to defend the bullish bias.
Therefore, Uniswap’s (UNI) rebound might not spark an immediate rally but can help sustain its multi-month uptrend through a gradual rise.
Uniswap Price: Daily Chart Keeps Bullish Bias Intact
Uniswap’s successful trading beyond a two-month ascending trend line support and the 50-day SMA defends the bullish bias, even as the 21-day SMA guards the quote’s immediate upside near $10.40.
With this, the UNI is poised to break the immediate resistance at $10.40 and target the $11.00 level before testing July’s monthly high of $11.66. However, a strong horizontal resistance zone between $12.00 and $12.40, dating back to November 2024, presents a major challenge for the bulls.
A decisive break above $12.40 would help the Uniswap buyers to target January peaks, surrounding $15.20 and $15.65, before the late 2024 high of $19.44 and the $20.00 psychological magnet.
Alternatively, a downside break of the two-month support and 50-day SMA, coinciding near $9.67, could drag the UNI price to a 6.5-month-old horizontal support area surrounding $8.70.
Below that, the 200-day SMA of $7.52 and an ascending support line from April, close to $5.30, act as the final defense of buyers.
Uniswap Price: Four-Hour Chart Highlights Multiple Upside Hurdles
While UNI’s daily chart supports bullish bias, the four-hour chart points to several upside hurdles for the bulls to conquer.
Among them, the 200-bar SMA of $10.40 guards the quote’s immediate upside, coinciding with the key level discussed on the daily chart.
Beyond that, a convergence of the 50-bar SMA and a week-long descending trend line resistance, close to $10.95, closely followed by the $11.00, could challenge the Uniswap buyers.
In a case where the quote remains firmer past $11.00, a month-old ascending trend line near $12.40 could act as the last line of defense for the UNI bears before shifting the market’s attention to the higher levels discussed on the daily chart.
On the contrary, the $10.00 round figure precedes the mid-July swing high near $9.60 to limit immediate UNI downside before a 10-week-old horizontal support area surrounding $8.75-$8.65.
Should Uniswap bears keep the reins past $8.65, they can aim for the deeper levels discussed on the daily chart.
Conclusion
Uniswap’s (UNI) recent recovery lacks backing from the RSI and MACD on both daily and four-hour charts, with weak trading volume indicating limited upside momentum. Still, strong support levels uphold the short-term rebound and two-month recovery, aiming to reverse the yearly loss, which stands near 22.00%.
