Uniswap’s UNI token is holding above a critical support level of $3.31, according to analyst Jonathan Carter, who suggests this could set the stage for a significant bullish rebound. While technical charts outline potential upside targets reaching $42, current momentum indicators like the RSI and MACD continue to signal dominant bearish pressure, with the price trading below all major moving averages.
The Uniswap (UNI) token remains resilient, holding above the lower boundary of its descending triangle on the 2-week chart. According to the crypto analyst Jonathan Carter, this critical support has proven strong, suggesting bulls are defending key levels.
If UNI successfully bounces from this zone, multiple upside targets emerge at $4.20, $5.90, $8.90, $12.30, $17.00, $28.50, and $42.00. Traders are closely watching the pattern, as maintaining support could fuel a significant rally.
According to data from TradingView, UNI is struggling through an ongoing downtrend, with prices remaining significantly lower than all major exponential moving averages. The positioning of the 20, 50, 100, and 200 EMAs solidifies the idea of an ongoing downtrend.
The Relative Strength Index (RSI) is currently at 38.78, far from the neutral level of 50. This decline indicates that the strength of bearish momentum is increasing, moving further away from the signal line.
The MACD indicator also confirms this move, as the blue line drops below the orange signal line. Both lines continue to descend further into negative territory, and the height of the red bars increases.
