Uniswap Price Shoots 18% in a week, Can Bulls Flip $8 and Claim $9.46?

I’ve watched Uniswap price light up trading screens this week, soaring 18.14%. All thanks to renewed protocol optimism and whale-driven momentum. Today’s 1.92% move builds on a strong reversal as governance chatter heats up around the Fee Switch Proposal. This drew traders who sense a fresh incentive alignment. 

Successively, the technical rebound took off just as market sentiment hit extreme fear levels, adding fuel for a volatility surge. UNI’s price surging past short-term averages confirms that it’s not just noise, but a real bid from spot buyers. 

While derivatives Open Interest dipped 8%, signaling less froth from leverage, conviction in spot seems to be what’s driving this rally. Join me as I decode the price targets for the near term.

UNI Bulls Eye $9.46, Volatility Ahead?

Let’s dive into UNI’s pure chart action. The UNI price reclaimed its 30-day SMA at $6.42, quickly powering through to knock on the door of the 200-day SMA at $7.94. This move marks the first clean reversal in weeks, with the MACD histogram crossing positive territory. 

Now, that’s a classic momentum signal, telling me institutional players are returning to push trend-following algos higher. I see RSI-14 at 53.16, sitting comfortably above neutral yet steering clear of the overbought zone.

Successively, volume tells the next layer of the story. UNI’s 24h trading volume jumped a hefty 47.59%, up to $682 million. Wondering, when do targets get hit? If bulls can close a daily candle above $8, especially with volume holding above $650 million, the path to $9.46 opens wide. Based on current volatility, I expect a potential test of $9.46 within the next 7 to 10 days, with a sharp reversal in sentiment.

Conversely, if UNI fails to hold $7.41, sellers could retest the 30-day SMA around $6.42. However, negative momentum would likely stay capped unless RSI dips below 40 and volume drops back under $400 million. Bearish swings appear limited, since market structure shows strong historical support under $6.50. Successively, bullish conviction remains high unless volume fades or price closes below the weekly low of $7.07.

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