Uniswap Price In Demand Zone: But Can it Reclaim $20 Mark?

Since 2022, the Uniswap ($UNI) price has been struggling to sustain over the $7 mark. In Q1 2024, the $UNI buyers managed to smash the $7 mark but failed to sustain above that level. The Uniswap price has tested the demand zone and witnessed slow and steady growth.

The $UNI token price has developed a breakout from a narrow descending channel. After the breakout, the price maintained a proper retest and gained bullish momentum. If the price surpasses the 200-day EMA, it is most likely to tempt investors and may reclaim the $20 mark.

Is Uniswap Price Ready for a Rally?

The $UNI crypto price overcame the 20-day EMA and may approach the 200-day EMA. This momentum was slow but steady. So, a small pullback can be anticipated.

According to the technical chart, the bearish trend has halted near the $6 territory. Due to the demand zone, buying momentum in this zone could invite buyers for a major bullish move.

Daniel Ramsey (@ramseycrypto) is a crypto analyst who tweeted that the $UNI price has the potential for a bullish move. The Uniswap crypto keeps accumulating below the mid-zone.

Loading bags with the $UNI token could be a good investment for the future, as the technical chart looks strong. The expected mid-term target could be $13.45. The long-term price targets for the $UNI token could be $32.30 and $70.70.

Can the $UNI Price Extend to the $10 Mark This Week?

Trading at $6.73 at press time, the $UNI price remained neutral during the past 24 hours. Its market capitalization was $4.04 Billion, and its 24-hour trading volume was $108.13 Million.

From the beginning of 2024, the $UNI sellers looked strong at the $8 mark. Almost every time, the Uniswap price has gained bearish momentum from that bear-dominated level. The Uniswap price must dominate this territory with great volume for a solid bullish momentum.

As we can see, the momentum is not too strong, and buyers looked weak at press time. If the price drops below the 20-day EMA, it could be a selling opportunity. Assuming the price starts trading below the $6 mark, sellers may follow the trend and may drag the price to a multi-year low.

As per the technical indicators, the MACD has shaped a bullish crossover with the Signal line, and the histograms have flipped to green.

$UNI Crypto Price Technical Analysis and Forecast

The Uniswap price was showing positive signs of potential bullish momentum. There were indications of a possible rally at the time of writing.

The $UNI price surpassed the 20-day EMA and was eyeing the 200-day EMA. However, it’s important to keep an eye on the $8 mark, as sellers have shown strength at this level in the past.

Additionally, the MACD has indicated a bullish crossover, which also suggests a potential upward movement in price. Overall, it appears that there are opportunities for growth. Still, close monitoring of the market and price movements is essential to make informed decisions.