Uniswap surge leads market rally: Can UNI hold above $6?

Market moves:

UNI price action: After reaching a monthly high on August 24, Uniswap (UNI) has risen more than 6% in the past 24 hours, with the current price at $6.06.

Volume and open interest: UNI’s volume has increased by 60% in 24 hours, and open interest (OI) has increased by 11% to $79 million. These changes show bullish momentum.

Technical indicators:

RSI and MACD: The relative strength index (RSI) showed a bullish reversal and broke above the signal line, indicating that buyers are dominating the market.

The moving average convergence divergence (MACD) is also showing a bullish trend, with the MACD line above the signal line and the histogram turning green, showing that bulls have the upper hand.

Key levels: The next resistance for UNI is at $6.18. If this level is broken, further gains are likely. On the other hand, if the trend fails, UNI could fall to the support level of $5.62.

Market Outlook:

Weak Sellers: Since August 24, UNI's exchange inflows have decreased, and sellers may have been exhausted. This provides room for further gains.

Short Squeeze: If UNI rises to $6.21, it may trigger a short squeeze, pushing prices further up.

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