Uniswap’s mainnet asset, UNI coin, is currently experiencing significant price volatility as it grapples with breaking the critical resistance level of $11.64. This resistance point is proving to be a substantial liquidation barrier, causing continued price fluctuations for the coin.
What Are the Support and Resistance Levels?
Despite these hurdles, UNI coin has appreciated by 32.34% over the past month. However, recent corrections have seen a 2.73% drop in the past day and a 1% decline in the past week. Even so, UNI has provided a 30.34% return for investors this year. Currently valued at $9.652, with a circulating supply of 599.95 million UNI and a market cap of $5.63 billion, Uniswap ranks 20th in the global crypto market.
Technical indicators reveal that the 50-day Exponential Moving Average (EMA) serves as a support level for UNI coin in the daily timeframe, suggesting the potential for a short-term bullish recovery. The Relative Strength Index (RSI) nearing its midpoint indicates uncertainty around UNI’s price movements. Adding to this, the overall market sentiment remains mixed, leaning towards a bearish trend.
Can UNI See a Price Increase?
If the market keeps UNI above the $9.90 resistance level, bullish investors might gain traction, potentially pushing the price to test the notable $11.64 resistance level. A successful bullish run could see UNI targeting the upper resistance level of $13.51 within the month, indicating a significant upward move.
On the flip side, if sellers gain control, UNI’s price could revisit the support level at $8.40. Failure to regain bullish momentum could see the price dropping to the critical support level of $6.92, a decline that would erase some of the gains achieved earlier in the year.
Key Takeaways for Investors
– Monitor the $9.90 resistance level closely; it’s a crucial indicator for potential bullish momentum.
– Keep an eye on the 50-day EMA, which currently acts as a support level for UNI.
– Be cautious of the $8.40 and $6.92 support levels as these could signal further declines if breached.
UNI’s ongoing price volatility underscores the broader market dynamics and investor sentiment within the cryptocurrency sector. As the market anticipates an altcoin rally, UNI’s performance will be closely tied to overall trends and investor confidence.