Uniswap Price Forecast: UNI Bulls Focus Beyond $30 Despite Overarching Overhead Pressure
- Uniswap rebounds from $23, but the barrier at $27 weighs down the uptrend.
- The IOMAP reinforces the resistance at $27, insinuating that recovery would be a daunting task.
Uniswap bulls are getting confident by the day amid their short-term target of climbing above $30. At the time of writing, the European session on Thursday, the decentralized finance (DeFi) token trades 4.5% higher.
A minor rejection from the recent failed attempt to lift above $27 had secured support at $23. The recoil from this level has seen UNI retest the same barrier at $25. Nonetheless, bulls are yet to make it through, with UNI teetering at $25.
Uniswap Uptrend Awaits Confirmed Breakout At $27
The 200-day Simple Moving Average (SMA) adds weight to the selling pressure at $27. Bulls have severally attempted to gain ground above this level, but all in vain. This buyer congestion must come out the way to change the technical perspective downright bullish.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator spots a minor buy signal. The technical index follows Uniswap's trend and calculates the momentum. As the 12-day Exponential Moving Average (SMA) crossed above the 26-day EMA, buyers started considering taking more positions in the DeFi token.
Note that the call to buy UNI does not seem strong enough to validate an uptrend beyond $30, let alone $27. Investors must wait for a real breakout before going all-in on the token to avoid bull traps.
UNI/USD Daily Chart
IntoTheBlock's IOMAP model reinforces the technical barriers mentioned, making a recovery a challenge in the coming days. The model directs our attention to the most visible hurdle running from $27.98 to $28.77. Here, roughly 8,800 addresses previously bought 125.5 million UNI in the range. As the price rises, its momentum may be weakened in this area, further delaying the uptrend.
Dogecoin IOMAP Chart
On the flip side, Uniswap is not strongly supported. The only medium support lies between $24.22 and $24.96. Nearly 5,500 addresses previously scooped up 18.7million UNI in this range. Other support areas are weak and may not help keep the crypto asset afloat in the near term. Thus, adding credence to the downtrend target between $22 and $23.