- Uniswap prints five-day winning streak after the biggest daily jump in over a week.
- Triangle breakout, sustained trading beyond key SMAs and upbeat oscillators keep UNI buyers hopeful.
- 11-week-old bullish channel restricts UNI/USD moves.
Uniswap (UNI/USD) jumped over 2.0% intraday during Wednesday’s European session, trading near $6.65 at press time, as it marks a five-day winning streak—building on its strongest daily gain in a week on Monday. The UNI/USD pair move reflects bullish sentiment after a successful breakout from a short-term symmetrical triangle and sustained trading above key Simple Moving Averages (SMAs).
UNI rally is further supported by bullish momentum signals from both the 14-day Relative Strength Index (RSI) and the Moving Average Convergence and Divergence (MACD) indicator
UNI/USD: Daily chart highlights bullish performance
Source: Tradingview
Uniswap (UNI) has maintained a gradual bullish trend since early March, trading within a bullish, ascending trend channel. The latest price strength is reflected in the UNI/USD pair holding above the 50-day Simple Moving Average (SMA), while the Relative Strength Index (RSI) remains above the neutral 50 mark—both signs that UNI buyers are still in control.
However, momentum appears to be slowing, as indicated by sluggish MACD signals, suggesting that while the overall trend remains positive, UNI bulls should remain cautious in the short term.
That said, Uniswap (UNI) remains on a gradual upward path, with a potential climb toward the top of its bullish channel near $7.70 still in play. Along the way, the $7.00 mark and the monthly high around $7.50 could act as temporary hurdles for further upside.
If UNI bulls manage to break and sustain above $7.70, it would challenge the current channel structure and open the door for a rally toward the psychological $8.00 level, and possibly March’s high of $8.30.
On the flip side, the immediate UNI downside is cushioned by the 50-day SMA support level of $5.74. Below that, the $5.00 round figure and the channel’s lower boundary near $4.90 become key levels for the UNI/USD pair sellers to watch.
A decisive break below $4.90 could shift momentum in favor of the Uniswap bears, increasing the likelihood of a fresh yearly low, currently around $4.55
UNI/USD: Four-hour chart confirms bullish action
Source: Tradingview
Uniswap (UNI) defends the previous day’s breakout of a two-week-old symmetrical triangle on the four-hour chart.
The lower end of the stated triangle is reinforced by the 200-bar SMA near $5.90, providing strong short-term support. A decisive break below $5.90 could shift momentum in favor of the UNI bears, exposing the 50-day SMA near $5.74 as the next key support level.
On the upside, UNI/USD buyers appear well-set to challenge the monthly high of around $7.55, with the $7.00 threshold acting as an immediate upside hurdle. It’s worth noting that the top of the bullish channel around $7.70, as highlighted on the daily chart, appears a tough nut to crack for the UNI bulls.
Overall, UNI/USD bulls appear to maintain control, with the pair well-positioned for further gains and a possible fresh monthly high near $7.70.
