The crypto market has recorded a strong bearish price action over the past two days, resulting in top altcoins leveling all their gains from the recent pump. Moreover, the market leader, Bitcoin price, has failed to hold momentum and dropped below the $67,000 mark.
On the other hand, the Uniswap price has experienced a bullish reversal in its chart, indicating a switch of investor’s interest toward these altcoins. With the rising price volatility, will the UNI Coin price hit $15 this June?
The Uniswap token continues to display volatility in its portfolio by recording a significant price fluctuation over the past few days. Notably, the altcoin has recorded a jump of 9.26% within the past 24 hours despite experiencing a 30.68% drop in its trading volume, indicating increasing bullish sentiment.
Furthermore, the Uniswap (UNI) price has formed a falling channel pattern in the 1D time frame and has continued to trade within it since mid-May, indicating increasing price action for the UNI token.
The technical indicator, SMA, records a positive crossover, suggesting increased bullish sentiment for the Uniswap crypto in the market.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, highlighting an increase in the buying-over-selling pressure in the crypto space. Moreover, the averages show a high possibility of a bullish convergence in the 1D time frame.
If the market continues to gain momentum, the UNI crypto will prepare to test its resistance trend line of the channel pattern. In case of a breakout, the Uniswap price will prepare to test its upper resistance level of $13.510 during the upcoming week.
Conversely, if a trend reversal occurs, the altcoin will lose momentum and test its support level of $9.90. Moreover, if the bears continue to dominate the crypto space, the UNI price will plunge toward its important support level of $8.40 this month.
Also Read : Ondo & This Popular Altcoin Eyes for a Huge Bullish Week Ahead: Will They Trigger a 25% Upswing?
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