Snorter Token (SNORT) Rips 17% As Investors Rush To Buy The Altcoin

The Uniswap price soared 17% in the last 24 hours to trade at $8.27

The Uniswap price increased 17% in the last 24 hours to trade at $8.27 as of 10:23 p.m. EST on Saturday. With the recent gain by the UNI price, the crypto has emerged as the top 24-hour performer in the Ethereum ecosystem.

What Happened: The Uniswap price was able to break out of a medium-term sideways channel between $5.6181 and $7.1186 in the last 48 hours, according to data from GeckoTerminal. Given the recent rally, it seems this period of flat trading might have been an accumulation phase ahead of the big move. Now, the crypto is attempting to break above a technical barrier at $8.6906.

If bulls manage to push the Uniswap price above that barrier within the next 48 hours, it could clear the way for UNI to soar even higher in the next few days. However, a rejection from the $8.6906 mark might bring an optimistic price trend to an end.

In a more bearish scenario, the Uniswap price could end up testing the upper boundary of the aforementioned sideways channel at $7.1186, which is now acting as a support level. Dropping below this point might then force UNI back into the consolidation channel.

Some traders will want to keep an eye on the Moving Average Convergence Divergence and the Relative Strength Index on the daily chart. Both indicators are still flashing bullish, which supports the idea that UNI’s positive trend will continue, but early warning signs of a possible pullback are starting to show.

The MACD line broke above the MACD Signal line in the last couple of days. This is a major bullish technical flag that suggests an asset has entered a positive trend. Traders have since validated the technical signal, leading to the recent rally.

RSI readings have surged as well, and now stand in the high 60s. While this rapid increase in the indicator’s values suggests a strong increase in buyer strength, the RSI is now approaching the overbought threshold at 70. This is usually seen as a sell signal, because it suggests a crypto’s downside potential is greater than its upside potential.

Some buyers appear to have already acted on the sell signal presented by the RSI, as evident by the negative slope of the RSI line. If more traders opt to cash in on their profits from the recent UNI rally, it could result in a bearish trend reversal and subsequent drop in the Uniswap price.