Uniswap Price Analysis: Bullish Momentum Builds for Potential Breakout Above $8.26

Uniswap (UNI) is approaching a critical resistance level near $8.26, suggesting a bullish breakout may be on the horizon for the popular decentralized exchange token. Following Wednesday’s rejection at this price point, UNI currently trades around $8.01. Technical indicators, including the MACD and RSI, hint at a growing bullish sentiment that could propel the token upward if it closes above the resistance level.

Resistance at $8.26: Key to the Bullish Thesis

The $8.26 resistance level aligns closely with the 50% Fibonacci retracement at $8.37. A firm daily close above this level could mark the start of a rally, potentially driving UNI up by 10% to retest the next Fibonacci retracement level at $9.23. If bullish momentum continues, UNI may extend its rally up to $12.01, aligning with the weekly resistance level and representing a possible 30% increase from its current price.

The Relative Strength Index (RSI) sits at 57, above the neutral mark of 50, indicating growing bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover on the daily chart, signaling a positive shift in price momentum.

Downside Scenario: Weekly Support at $7.08

Despite bullish signs, there’s potential for downside risk if UNI fails to close above $8.26 and subsequently drops below its weekly support level at $7.08. Such a move could invalidate the bullish thesis and potentially push UNI down to retest the recent low of $6.30 from mid-September.

The next few days will be crucial as traders closely watch for a daily close above the $8.26 resistance level. A sustained breakout above this threshold could mark the start of a substantial upward movement for UNI, but a failed attempt could invite further downside

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