After an 18% Pump, Can Uniswap (UNI) Flip Resistance Into Moon Mode?

• After an 18% jump, Uniswap is trading at $8.
• UNI’s daily trading volume is up by over 144%.

With yesterday’s bullish wave, the overall crypto market cap is at $3.45 trillion. The recent rally has triggered the assets to stay within the green zone. Largest assets, like Bitcoin and Ethereum, are trading at $109.5K and $2.7K. Among the altcoins, Uniswap (UNI) has jumped by a solid 18.07% in the past 24 hours

UNI opened the day trading at a bottom range of $7.05. After the bulls took command, the price has moved up toward the $8.65 level. Notably, the asset has broken its crucial resistances at $7.46 and $8.53. Uniswap currently trades within the $8.38 mark, with the market cap reaching $5.26 billion.

Uniswap’s daily trading volume has risen by over 144%, reaching $1.18 billion. As per Coinglass, in the last 24 hours, the market has observed $3.62 million worth of Uniswap liquidations

UNI’s weekly price chart has recorded a gain of over 24.88%. The weekly low of the asset was approximately $5.86. Gradually, with the bullish pressure, the price has moved to the current trading zone

Will Uniswap Continue the Bullish Streak?

The Uniswap trading window reports an active and sturdy bullish momentum in the market. The price could likely climb and bring in a retest of the immediate resistance at the $8.41 level. If the upside correction continues, the golden cross may unfold, and the price might ascend to the $9 mark

Assuming the bullish pressure fades, the asset’s bears might gain strength and find the nearby support at $8.28. Further correction on the downside could trigger the emergence of the death cross, and the price of Uniswap might retrace toward the $8 threshold, posing more risk of losing

*UNI chart (Source: TradingView)*In addition, Uniswap’s four-hour technical chart analysis reveals that the Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover generally suggests the upward price movement, with more potential rises ahead. Apart from this, the Chaikin Money Flow (CMF) indicator, sitting at 0.33, shows that the money is flowing into the asset with a sturdy buying pressure in the market.

Furthermore, the asset’s daily Relative Strength Index (RSI) is found at 77.35, which implies that the asset is in overbought territory. Typically, it has the potential for a pullback or correction. Uniswap’s Bull Bear Power (BBP) value at 1.380 signals that bulls are currently stronger than bears, and the trend may continue upward.

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