What to know:
- Uniswap (UNI) remains above $3.31 support, showing potential for a bullish rebound.
- Analysts highlight upside targets at $4.20, $5.90, $8.90, $12.30, $17.00, $28.50, and $42.00.
- Price stays below major EMAs, with RSI and MACD signaling continued bearish momentum.
Uniswap (UNI) remains resilient, holding above the lower boundary of its descending triangle on the 2-week chart. According to the crypto analyst Jonathan Carter, this critical support has proven strong, suggesting bulls are defending key levels.
Jonathan Carter see the structure as a potential springboard for upward momentum, reinforcing a bullish outlook while signaling that UNI may be preparing for a decisive rebound.
Source: Jonathan Carter’s X Post
If UNI successfully bounces from this zone, multiple upside targets emerge at $4.20, $5.90, $8.90, $12.30, $17.00, $28.50, and $42.00. Traders are closely watching the pattern, as maintaining support could fuel a significant rally.
Technical indicators suggest buying interest remains strong, offering a roadmap for investors seeking opportunities in the decentralized finance sector this year.
Also Read: Uniswap (UNI) Flashes Ascending Triangle: Is a 30% Price Move Next?
UNI Technical Outlook Indicates Strong Bearish Pressure
According to TradingView, UNI is struggling through an ongoing downtrend, with prices remaining significantly lower than all major exponential moving averages.
The positioning of the 20, 50, 100, and 200 EMAs solidifies the idea of an ongoing downtrend. Recently, UNI has faced resistance at its 20-day EMA and has subsequently retraced to test the key level at $3.31.
Source: TradingView
The volatility readings of Bollinger Bands indicate that the price is skimming along the lower band. This is indicative of fierce selling.
A big gap exists between the present price of $3.39 and the 200-day EMA at $5.40. Until a double bottom is confirmed at this low price, UNI’s most likely course is down.
Uniswap Momentum Indicators Reinforce Downward Motion
The Relative Strength Index (RSI) is currently at 38.78, far from the neutral level of 50. This decline indicates that the strength of bearish momentum is increasing, moving further away from the signal line.
However, since it is still above the oversold level of 30, there is further room for a decline before signs of technical exhaustion may be seen.
Source: TradingView
The MACD indicator also confirms this move, as the blue line drops below the orange signal line. Both lines continue to descend further into negative territory, and the height of the red bars increases.
This indicates that there is increasing selling pressure, which means that there is little strength left and that this trend is likely to continue.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Uniswap (UNI) Eyes $5.30 Rally If $4.10 Breakout Holds Firm
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