Is Uniswap (UNI) Heading to the $40 Level?
Uniswap (UNI) appears to be bucking the trend, making strong gains and moving against the overall crypto market that is making losses lately. At the time of writing, UNI/USD is trading around $36.
The DeFi token has garnered double-digit gains over the past day alone despite the high levels of volatility that has driven major cryptocurrencies to post sharp losses over the past few sessions. There seems to be considerable buying pressure in Uniswap for now, and if this continues, we could potentially see the price breaking above the $40 level.
Technical analysis points to the uptrend potentially continuing in the near-term, in keeping with our Uniswap forecast, especially after the price broke above the $30 level which is now holding as strong support. Expectations for a bullish trend in UNI have been further reinforced by the MACD indicator moving into positive territory for now even as the RSI also signals possible strengthening in price.
For now, the 50 SMA and the 100 SMA on the 4-hourly chart have been providing strong support to Uniswap, in addition to the key $30 level. As long as these support levels hold, buyers can comfortably push the price beyond $40 and target even the $50 level soon.
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