Uniswap Breaks Resistance, Eyes $8 Amid Volume Surge
Key Takeaways
Uniswap (UNI) has broken through a key descending trendline and could now be on its way to the $8 mark. The price increase was supported by rising trading volume, but the number of active addresses on the network has declined. This raises questions about the sustainability of the upward trend.
Uniswap Breaks Critical Resistance
After several weeks of downward movement, UNI has surpassed the $6.90 mark, leaving behind a significant resistance zone. The 3.21% price increase within 12 hours indicates growing buying interest.
From a technical perspective, the Relative Strength Index (RSI) is at 56.03, which is not yet in the overbought zone but signals increasing bullish momentum. Additionally, UNI has reclaimed the 50-day moving average at $6.26, which could serve as support.
Key Price Targets for UNI
If the uptrend continues, UNI could next test the $8 mark. Beyond that, another resistance level is at $10.25 (200-day moving average). A sustained rise above $8 could push the price toward $12.24 – a level last reached in January.
On-Chain Data Shows Caution
Despite the price increase, activity on the Uniswap blockchain remains subdued. The number of daily active addresses has fallen to 296 – the lowest level in over three months.
Typically, rising on-chain activity confirms a sustainable trend. The current discrepancy between price increase and user activity could indicate that the rise is driven by speculation.
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What’s Next for UNI?
Whether UNI can continue its upward trend depends on whether the price stays above $6.90 and breaks through the $8 mark. If on-chain activity picks up again, it would support the bullish development.
However, if the number of active addresses continues to decline, the price could fall back to $6.20. In the short term, the bulls are in control, but a broader market participation is needed for a sustainable trend reversal.
Our Assessment
Uniswap is showing a positive short-term price development, but the low on-chain activity calls for caution. A sustained rise above $8 could unlock further potential. Investors should keep an eye on the development of active addresses to better assess the stability of the trend.
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