Uniswap (UNI) price is aiming for a comeback towards $6.7 as bullish momentum continues to build. A break above the key level could signal a renewed bullish trend that could potentially lead to further gains for the cryptocurrency. With market sentiment gradually shifting, the question is whether Uniswap can maintain its momentum and hold the $6.7 line, or will the resistance prove too strong?

This article aims to provide an in-depth analysis of Uniswap’s current price action as it approaches the $6.7 resistance, and evaluate whether the crypto asset has the momentum to break through and maintain its gains. Additionally, the article will inform traders about Uniswap’s outlook and highlight its potential opportunities going forward.

UNI price is currently trading around $6.51 and is up 2.11% with a market cap of over $3.9 billion and a trading volume of over $102 million at the time of writing. Over the past 24 hours, the asset’s value has market capitalization increased by 2.07%, while trading volume decreased by 11.39%.

Analysis of Uniswap’s Recent Price Action: The Road to $6.7

Currently, UNI‘s price on the 4-hours chart is showing bullish momentum as it has breached the 100-day Simple Moving Average (SMA) and is approaching the $6.7 resistance level. The digital asset breaching this important indicator indicates that positive sentiment is growing, which could potentially lead to further profits.

Furthermore, an analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator’s signal line has successfully risen above 50% and is currently around 56%. This suggests that the bulls are still in control and can push the price higher.

On the 1-day chart, while Uniswap remains below the 100-day SMA, it is showing bullish resilience, steadily moving towards the $6.7 resistance level after forming a bullish candlestick the previous day. This indicates that the cryptocurrency maintains active bullish strength.

Finally, the RSI indicator on the 1-day chart is also indicating a growing bullish sentiment for the cryptocurrency as the RSI signal line has broken out of the overbought zone and is currently attempting to movement above 50%.

Can bullish trends push UNI past $6.7?

If the bulls can keep up their fight, strength in the market and pushes the price past the resistance level of $6.7, this may result in further price rise towards the next resistance level of $8.7. Should the price break and close above the $8.7 level, then it may continue its rally towards the next resistance point of $10.3 and possibly other ranges outside.

However, if Uniswap experiences a rejection at the $6.7 resistance level, it could start to drop towards its previous support range of $5.6. If the price breaks below this support, it could signal a deeper bearish trend, potentially leading to further declines towards lower levels.

Main image from Adobe Stock, chart from Tradingview.com