Uniswap is making a surprising move, rebounding amid bearish market conditions and showing signs of resilience despite the downward pressure seen in the crypto space. As bullish sentiment begins to strengthen, market participants are now focused on whether UNI will be able to maintain this growth momentum and carve out novel opportunities.

As UNI continues to show strength, this analysis aims to determine whether Uniswap’s recent upside move despite the broader bear market has the potential to break above key resistance levels and reach novel highs by examining current price action and technical indicators.

Indicators point to more upward movement for Uniswap

On the 4-hour chart, Uniswap is showing strength as it approaches the resistance level at $8.7, trading above the 100-day elementary moving average (SMA). UNI’s position above the SMA indicates a forceful trend, suggesting buyers are gaining confidence in the potential to face higher resistance levels.

Analysis of the 4-hour Relative Strength Index (RSI) indicates the possibility of further upward movement as the RSI indicator has rebounded to the 73% mark after previously falling to 52%. This raise indicates that positive momentum is gaining strength, suggesting that buyers are increasingly in control and that further gains may be on the horizon.

After successfully breaking the daily 100-day SMA, UNI is showing a forceful, bullish move that signals a shift in market sentiment, with buyers gaining confidence and pushing the price higher. If Uniswap can maintain this trend, it could open the door to additional price appreciation and challenge higher resistance levels.

Moreover, the RSI is currently at 65% on the daily chart, having risen from its previous low of 43%. This upward move suggests that UNI is gaining momentum, signaling more growth. If buying interest remains steady, the positive trajectory indicated by the RSI could support an extended bull run for Uniswap, reinforcing positive market sentiment.

Potential Upside Targets: How Far Can Bulls Push UNI?

As Uniswap maintains its upward momentum, the immediate resistance level to watch is $8.7, which could pave the way for a challenge of higher thresholds if breached. A break above this level could send UNI heading towards the $10.3 level, where significant psychological resistance could emerge.

However, if Uniswap fails to maintain this strength and breaks above the $8.7 resistance level, it could trigger a pullback and the price slips back towards the $6.7 support zone. A split below this level could lead to larger losses, possibly targeting areas with lower support.