Uniswap's native token UNI jumped 7.6% in a single session to hit $3.71, reclaiming its 200-day Simple Moving Average (SMA 200) for the first time in weeks. The move caught traders' attention as momentum indicators flattened at zero, suggesting the rally may lack conviction.
What the $3.84 resistance means
With UNI now at $3.71, the next major hurdle sits at the upper band around $3.84. Some traders see a rejection at that level as the more likely outcome, given the lack of follow-through in momentum and the declining open interest.
“Rejection at the $3.84 upper band is the smart bet,” the analysis noted, though the piece did not include a named trader or analyst. The call is based on the combination of flat momentum indicators and the fact that the price gain was not accompanied by rising open interest, which often signals genuine buying pressure.
What’s next for UNI
The $3.84 level will be the key test in the coming sessions. If UNI can break above that band with rising volume and open interest, the breakout could have legs. If not, the price could slip back below the SMA 200, putting the recent gains in question.
For now, the market is watching to see whether the move to $3.71 was a one-off squeeze or the start of a more sustained trend. The next few trading days will tell.
