Market Analysis

UNISWAP PRICE ANALYSIS & PREDICTION (June 5) – UNI Leads Altcoins Rally Amid Latest Surge But Now Facing Resistance

UNI’s positive reaction to the latest surge in volatility has strengthened the market following a 27% gain in the past hours. This gain has brought the bulls back into the market, but it appeared to be facing a key level. 

In the latest market surge, UNI increased suddenly today and posted a huge gain following a massive volume inflow in the past hours. This put the asset in the top gainer spot with a $641.3 million traded volume in the last 24 hours.

However, looking at the bounce from a low of $6 in April to where it is changing hands, the price has doubled and is now poising for a massive movement on the daily chart – many obstacles lie ahead.

It is facing key resistance, negotiating the $11.7 level for more upsurge. A successful bridge above this resistance could fuel a bigger rally in the near term. Otherwise, it may reject this price level and pull back slightly before resuming the surge.

Aside from providing liquidity, Uniswap remains one of the largest decentralized exchanges in terms of transaction volume, and a leader within the Defi sector. Its native cryptocurrency – UNI appeared bullish as it greenlights a new rally for a long-term gain.

UNI’s Key Level To Watch

Source: Tradingview

If the price breaks out from the current trading level, the next buy target would be the $13.34 and $14.8 resistance levels. The next resistance to watch for a test is $17 before rallying hard.

In case of a rejection, the potential support level for a rebound is $10.4. A dip below that level could bring us back to the key $9.3 support. Right below this support lies the $8 level.

Key Resistance Levels: $13.34, $14.8, $17

Key Support Levels: $10.4, $9.3, $8

  • Spot Price: $11.7
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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