Uniswap (UNI) token holders have many reasons to rejoice right now.

Not only has the digital asset gained significantly in the last 24 hours, but also in the last seven days.

As of this writing, CoinGecko tracking shows the token trading at $6.37, a 12.5% increase over the same time yesterday and a 16.2% increase over the previous week.

The Uniswap token, unlike the rest of the crypto pack, appears to be keeping its head above water during this era of uncertainty and volatility in the digital assets industry.

This appears to be an unusual phenomenon, given that the token has been steadily declining over the past five weeks.

It also makes determining whether or not the cryptocurrency is under any form of pressure difficult.

According to some experts, it is.

On A Falling Channel Pattern, Uniswap

The five weeks when Uniswap token was on the fall noted previously isn’t merely a “period of red” for the cryptocurrency.

It was a falling channel pattern, which is defined by a bullish rally after the overhead trend line was broken.

While the coin is currently enjoying large gains, there is no guarantee that the anticipated bullish trend is already underway.

What is obvious is that the current crypto market slump erased 70% of the gains gained by the Uniswap coin during its last recovery rally.

It has brought the cryptocurrency to a point where the local support price is $5.27.

What Is the Future of Uniswap Token?

As of this writing, records show that the Uniswap token’s hourly trading range is tiny. If the current trend continues, its price could see a significant change in the next few days.

The cryptocurrency’s support area might be $5.00 to $4.8, while its resistance level could be $6.9 to $8.1.

In the cryptocurrency world, “support” refers to the price level at which an asset’s price stops declining. The term “resistance” refers to the price range at which an asset’s price stops advancing.

It is vital to remember that, while a bullish rally can easily push the Uniswap trading price beyond $7, the token is also at risk of falling below $5.

With that, it’s now a game of waiting for potential purchasers to keep a watch out for the pattern breakout.