2025-01-24 12:00:10 by NewsBTC

Uniswap is making a determined effort to bounce back, with bulls stepping up to defend the crucial $12.3 support level. This price point has become a pivotal battleground since it could pave the way for a potential recovery or signal further bearish momentum. The recent price action highlights growing buyer interest at this level, suggesting that market sentiment may be tilting cautiously in favor of the bulls.  If the bulls succeed in maintaining this support, UNI could gain the momentum needed to test higher resistance levels, potentially setting the stage for a broader upward move. The coming sessions will be pivotal in shaping Uniswap’s trajectory as traders closely monitor this key level. Price Action And Technical Indicators Highlight Rebound Potential Uniswap’s price action at the $12.3 support level is gaining significant attention from traders and market analysts as it approaches a crucial technical juncture. The $12.3 mark has held as support in recent price cycles, and its ability to continue doing so will be key to determining whether the bulls can regain control. Currently, UNI is moving toward the 100-day Simple Moving Average (SMA), a widely followed indicator that tends to act as both support and resistance during trend transitions. Adding to the positive outlook, the Composite Trend Oscillator’s recent move toward oversold territory signals a possible market correction or reversal. UNI building momentum above $12.3 | Source: UNIUSDT on Tradingview.comAs the indicator shows signs of improvement, it suggests that negative strength may be weakening, allowing buying pressure to take over. A rise from oversold levels would indicate a shift toward a more favorable market for buyers, reinforcing the likelihood of a price rebound. Collectively, the 100-day SMA and the Composite Trend Oscillator provide a strong technical case for recovery at the $12.3 level. However, this bullish outlook is contingent on the ability of the price to move above the 100-day SMA and for the RSI to continue showing signs of strength. Market Momentum Shifts: Will Uniswap Bulls Prevail? Market momentum for Uniswap is showing early signs of a shift, with recent price action showing that bulls may be regaining control. If the bulls can sustain this strength, UNI’s price could break above the 4-hour SMA, which would cause a rally toward the $15.7 resistance level and beyond. However, the market remains cautious as failing to defend the $12.3 level hints at increased selling pressure, pushing prices lower toward the $10 support mark. Furthermore, a decisive break below this key level might trigger further losses, bringing additional support levels into focus as the bearish momentum continues. UNI trading at $12.9 on the 1D chart | Source: UNIUSDT on Tradingview.comFeatured image from Uniswap, chart from Tradingview.com Godspower Owie My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. 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