Altcoins

UNISWAP PRICE ANALYSIS & FORECAST (June 5) – UNI leads altcoin rally amid latest surge, but now faces resistance

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of the UNI The positive reaction to the latest wave of volatility has strengthened the market after a 27% gain in the last few hours. This gain brought the bulls back to the market, but it seemed to be facing a key level.

In the latest market surge, UNI suddenly surged today and posted a huge gain following a massive influx of volumes in the last few hours. This put the asset in first place with a traded volume of $641.3 million in the last 24 hours.

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

It is facing key resistance, trading the $11.7 level for further upside. A successful bridge above this resistance could fuel a larger rally in the near term. Otherwise, it may reject this price level and retreat slightly before resuming the rally.

In addition to providing liquidity, Uniswap remains one of the largest decentralized exchanges in terms of transaction volume and a leader in the Defi sector. Its native cryptocurrency, UNI, appeared bullish as it kicked off a fresh rally for long-term gain.

The key level of UNI to watch

Source: Tradingview

If the price breaks above the current trading level, the next buying target would be the $13.34 and $14.8 resistance levels. The next resistance to watch for a test is $17 before a strong rally.

In case of rejection, the potential support level for a bounce is $10.4. A drop below that level could take us back to the key support at $9.3. Right below this support is 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 purchasing any cryptocurrency or investing in any project.

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