Uniswap Price Breaks Its Key Level! Will UNI Price Hit $7 Soon?

The crypto space has recorded a notable comeback after witnessing significant losses over the past two days. The cryptocurrency market has jumped approximately 3% within the past day, indicating a strong bullish influence.

Further, the cryptocurrency industry has witnessed multiple setbacks in the past due to various reasons with major exchanges being scrutinized mainly due to regulations. Following this, investors have started losing faith in centralized exchanges such as Binance Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment , FTX, and coinbase coinbase - support@coinbase.com WalletCentralised Exchange .

This has further resulted in the adaptation of the DeFi ecosystem highlighting investor’s rising interest in the decentralized exchanges. Uniswap is one such example as its price has recorded a jump of over 17% within the past day, making it one of the top gainers for the day in the industry.

The UNI price was seen hovering close to its support/resistance level of $4.171 for a brief period, following which the market experienced a strong bullish movement, resulting in the price jump.

After being rejected at $4.798, the price was seen trading sideways for a while, following which it regained momentum and recorded constant price fluctuations around $5.191.

After a minor correction, Uniswap successfully broke out of the resistance level of $5.191. However, the rally was short-lived, as the price was rejected at $5.593.

Following multiple failed attempts to break out, the Uniswap price finally lost momentum and started trading negatively. Since then, the price has been seen constantly bouncing between the consolidated range of $4.798 and $5.593.

The Moving Average Convergence Divergence (MACD) displays a strong rising green histogram, indicating a massive ongoing price action for the coin. Further, the averages show a sharp rise, suggesting the price will continue to gain value this week.

Is UNI Still Worth It?

If the market bulls continue to gain power and push the price above the resistance level of $6.261, the UNI price will regain strength and prepare to test its upper resistance level of $6.50.

Maintaining the price at that level will set the stage for Uniswap to attempt to test its key resistance level of $6.713 within the week.

Conversely, if the bears overpowered the bulls, the unicoin would lose momentum and fall to test its support level of $6.00. If the bulls fail to hold the price at that level and a trend reversal occurs, the price will continue to dip and test its lower support level of $5.593.

Moreover, if the bears continue to dominate the market, it will experience a significant value correction and test its support level of $5.191 in the near future.