Uniswap (UNI) Eyes New Highs: Is the Bullish Trend Here to Stay?
- Uniswap is trading around the $6 level.
- UNI’s daily trading volume has surged by 82%.
The cryptocurrency market cap is settled at around $3.41 trillion, after a series of gains and losses. The recent bullish rally has weakened, with the largest assets, Bitcoin and Ethereum, losing momentum. All other altcoins were mostly painted in red. Meanwhile, Uniswap (UNI) has registered a gain of over 4.21% in the past 24 hours.
The bearish pressure made the asset trade at a low of around $6.28. UNI bulls took command and pushed the price to climb toward the $6.64 range. The asset has broken crucial resistances at $6.35 and $6.57. At the time of writing, Uniswap traded within the $6.65 level.
According to Coinglass data, the market has witnessed $641.53K worth of Uniswap liquidations in the past 24 hours. Notably, the daily trading volume has surged by over 82.56%, reaching $390 million.
UNI’s price has gained by over 11.50% in the last seven days. The weekly low of the asset was found at around $5.72. Later, the bullish shift has sent the price to hit a high of 6.72.
Will Uniswap Keep Riding the Bullish Wave?
The trading window of Uniswap exhibits active bullish momentum. The price could move upward and test its initial resistance within the range of $6.72. Assuming a sturdy upside correction, with the golden cross, the UNI price might escalate toward the $7 mark. Continued gains may trigger the price to climb higher.
However, if the bullish pressure diminishes, the UNI bears might take charge of the asset, likely bringing in a retest of the immediate support at the $6.57 level. A sustained downside correction could invite the death cross to emerge and pull back the price of Uniswap toward $6.20, posing a decisive level for a breakout or breakdown.
Additionally, the four-hour technical chart analysis discloses that the Moving Average Convergence Divergence (MACD) line of Uniswap has crossed over the signal line. This crossover likely suggests the upside price trajectory. Besides, the Chaikin Money Flow (CMF) indicator value of 0.26 typically indicates strong buying pressure in the market, and the money is flowing into the asset.
Uniswap reveals the daily Relative Strength Index (RSI) found at 60.35, inferring a moderate bullish momentum, with more room for upward movement before entering the overbought zone. The Bull Bear Power (BBP) reading of UNI at 0.299 signals a slight bullish dominance in the market.
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Uniswap (UNI) Eyes New Highs: Is the Bullish Trend Here to Stay?
- Uniswap is trading around the $6 level.
- UNI’s daily trading volume has surged by 82%.
The cryptocurrency market cap is settled at around $3.41 trillion, after a series of gains and losses. The recent bullish rally has weakened, with the largest assets, Bitcoin and Ethereum, losing momentum. All other altcoins were mostly painted in red. Meanwhile, Uniswap (UNI) has registered a gain of over 4.21% in the past 24 hours.
The bearish pressure made the asset trade at a low of around $6.28. UNI bulls took command and pushed the price to climb toward the $6.64 range. The asset has broken crucial resistances at $6.35 and $6.57. At the time of writing, Uniswap traded within the $6.65 level.
According to Coinglass data, the market has witnessed $641.53K worth of Uniswap liquidations in the past 24 hours. Notably, the daily trading volume has surged by over 82.56%, reaching $390 million.
UNI’s price has gained by over 11.50% in the last seven days. The weekly low of the asset was found at around $5.72. Later, the bullish shift has sent the price to hit a high of 6.72.
Will Uniswap Keep Riding the Bullish Wave?
The trading window of Uniswap exhibits active bullish momentum. The price could move upward and test its initial resistance within the range of $6.72. Assuming a sturdy upside correction, with the golden cross, the UNI price might escalate toward the $7 mark. Continued gains may trigger the price to climb higher.
However, if the bullish pressure diminishes, the UNI bears might take charge of the asset, likely bringing in a retest of the immediate support at the $6.57 level. A sustained downside correction could invite the death cross to emerge and pull back the price of Uniswap toward $6.20, posing a decisive level for a breakout or breakdown.
Additionally, the four-hour technical chart analysis discloses that the Moving Average Convergence Divergence (MACD) line of Uniswap has crossed over the signal line. This crossover likely suggests the upside price trajectory. Besides, the Chaikin Money Flow (CMF) indicator value of 0.26 typically indicates strong buying pressure in the market, and the money is flowing into the asset.
Uniswap reveals the daily Relative Strength Index (RSI) found at 60.35, inferring a moderate bullish momentum, with more room for upward movement before entering the overbought zone. The Bull Bear Power (BBP) reading of UNI at 0.299 signals a slight bullish dominance in the market.
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