14 Jun 2024 Simon Briggs
Uniswap Goes Bullish, Can It Reach $15?
Over the last two days, the cryptocurrency market has seen significant bearish price movement, which has caused the leading altcoins to erase their recent pump gains completely. Furthermore, the price of Bitcoin, which was leading the market, lost steam and fell below $67,000.
However, Uniswap's price has had a bullish reversal on its chart, suggesting that investors' attention is now shifting toward these cryptocurrencies. Will the price of UNI Coin reach $15 in June with the increasing price volatility?
The Uniswap token has had a notable price change over the last several days, demonstrating the volatility in its portfolio. Interestingly, the altcoin has increased by 8.96% over the last day despite a 30.68% decline in trade volume, suggesting that optimistic sentiment is growing.
Source: CoinMarketCap
Additionally, since mid-May, the price of the Uniswap (UNI) token has been trading within a falling channel pattern that it developed in the 1D time frame, signaling growing price action for the UNI token.
The SMA technical indicator shows a positive crossover, indicating heightened market optimism for the Uniswap cryptocurrency. The red histogram of the Moving Average Convergence Divergence (MACD) shows a continuous decrease, indicating a rise in the buying-over-selling pressure in the cryptocurrency market.
The UNI cryptocurrency will get ready to challenge its resistance trend line in the channel formation if the market keeps gaining momentum. If there is a breakout, the Uniswap price will be ready to target $13.510, which is its upper resistance level, in the following week.
On the other hand, the altcoin will lose momentum and challenge its $9.90 support level if a trend reversal takes place. Moreover, the price of UNI will fall this month toward its crucial support level of $8.40 if bears maintain their dominance in the cryptocurrency market.
