Uniswap has spent a long time under persistent selling pressure, within a strong descending trend that is believed to end soon. The token has been forming consistent lower highs and lows and could have formed the bottom of the prevailing bearish trend. The recent rise of nearly 15% in the past 24 hours and over 21% in weekly gains suggests that the bulls have revived their confidence in the token.
With UNI price rebounding from multi-year lows and several momentum indicators showing early signs of recovery, traders are beginning to ask whether the token has already formed its cycle bottom. Here’s what the charts are signaling.
The Uniswap price in the long-term has remained stuck within a falling wedge since late 2024 and found a strong support near $2.20 to $2.40. The latest rebound pushed UNI back above $3 as the bearish influence over the token has faded to some extent. Currently, the price is attempting to enter a crucial zone between $3.22 and $4.15, where large institutional orders are believed to have been placed. Hence, this area could be acting as a strong resistance as well as a strong support zone.
On the other hand, the price has already formed the lower low, and hence, the current upswing could push the token towards incoming highs. On the other hand, the momentum indicators also point towards a potential trend reversal.
The weekly RSI has reached the lower threshold and is repeatedly attempting to trigger a strong rebound, while DMI is heading towards a bullish crossover. Moreover, the MACD is incremental, heading the average zone, and the levels display the possibility of a potential bullish crossover. With this, the price could probably rise above the wedge and reach the initial target at $4. If the bulls manage to transform $4 into a strong base, the Uniswap price may continue to rise towards higher targets.
Now the question arises, whether the UNI price can reach $10?
The first challenge for bulls remains the $3.20-$4.00 resistance zone. A breakout above this region would strengthen the bullish case and open the door for a move toward $6.00, where UNI previously encountered significant selling pressure. If buyers successfully reclaim $6.00 and broader market conditions remain supportive, the next major target sits near $10.00. For now, Uniswap is trying to build a base, and hence, the next few weeks could be extremely important for the token to do so.
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