Technical Analysis UNI 19/8: Consolidates Near $7.65 (Chart)

(MENAFN- Daily Forex) Uniswap (UNI) is trading at around $7.65, reflecting a modest 1.6% increase over the past 24 hours.

The cryptocurrency has oscillated within a tight range today, with intraday highs touching $7.76 and lows dipping to $7.16.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Technical Indicators Point to a Bullish Bias

UNI's recent price behavior suggests consolidation just beneath a critical resistance level at $7.70.

The Relative Strength Index (RSI) stands at approximately 57. This indicates mildly bullish momentum, but no clear overbought condition.

As for the Moving Average Convergence Divergence (MACD) , it remains in positive territory following a recent bullish crossover. While not aggressive, the signal favors continuing upward pressure.

The Stochastic RSI hovers between 60 and 70, reinforcing the short-term positive bias. Meanwhile, the Average Directional Index (ADX) sits near 29.5, which confirms a trend that is gaining strength but not yet overextended.

UNI is trading above its 20-day, 50-day, and 100-day exponential moving averages, which currently cluster between $6.90 and $7.50. This alignment supports the bullish outlook.

However, the 200-day moving average, now near $7.60–$7.78, continues to act as resistance. A sustained break above this range would validate a longer-term bullish reversal.

Uniswap (UNI) Price Chart | Source: TradingView

The price is now approaching a decision point. A close above $7.70 would mark a decisive breakout and could trigger momentum toward $8.00 and beyond.

Otherwise, failure to hold the $7.14–$7.20 support zone may prompt a correction to the $6.90 level, where the 50-day average offers structural support Activity and On-Chain Confidence Grow

While UNI-specific on-chain data remains relatively stable, broader DeFi metrics point to a strengthening environment.

Total value locked (TVL) on Uniswap has stabilized above $4.1 billion. Institutional wallets and DeFi aggregators have been accumulating UNI since early May, which shows confidence in the protocol's long-term utility and governance value.

The uptick in user interaction with Uniswap smart contracts and rising protocol usage further supports a constructive outlook. These trends suggest the recent price action is driven more by fundamental participation than speculation and Resistance Levels to Monitor

Immediate support lies at $7.14, with stronger technical support near $6.90. If those levels break, deeper support can be found between $6.50 and $6.20.

On the upside, resistance is clearly defined at $7.70. A close above this level would open the door toward $8.70, $9.20, and potentially $10.30 based on Fibonacci extension levels Thoughts: Awaiting a Technical Trigger

Uniswap's current consolidation near $7.65, supported by improving technical signals and steady protocol engagement, sets the stage for a potential breakout.

While the trend remains constructive, confirmation is needed. A decisive move above $7.70 could ignite a rally toward the $8.00–$9.00 range.

Until then, traders should monitor key support and resistance zones closely, as well as shifts in broader market sentiment.

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