Uniswap (UNI) has continued its upward rally with more than a 5% increase today. The token has been moving in line with the general positive sentiment in the market, which began at the start of November.
The Uniswap price chart shows that the UNI coin price is now facing strong resistance around $12. This level has triggered significant price dips in the past for Uniswap, and it could lead buyers to start taking profits again, resulting in a potential price decline.
Looking at Uniswap price history, in April, after UNI price reached this key level, it dipped by close to 45%. A similar situation occurred in June, but this time it dipped by 60%. With the price approaching this level again, we might see another dip.
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However, the positive sentiment in the market could give bulls more confidence to hold onto their UNI assets. A sustained close above this level could help initiate a major rally.
