UNI Price Up 16.06% In Past 7 Days

UNI price witnessed a strong decline since the end of February, falling from the annual high of $7.619 with strong bearish momentum. The start of June was quite rough for Uniswap price as well as the whole cryptocurrency market due to the lawsuit that was filed by the Securities and Exchange Commission (SEC) against some of the major cryptocurrency exchanges, which negatively affected the prices of crypto.

Bears tried to push price below $4 and were successful in doing so but bulls entered the market and pushed the price back above $4. This led to the creation of a support level of $4.03. After the formation of support, price started to surge, which was a result of Blackrock filing for Bitcoin Spot ETF.

Recently, the cryptocurrency’s price soared above $6 but the move was halted at $6.157 and the price corrected the move by retracing. The current candle formed support at the $5.70 level and is a strong bullish candle. It has broken the high of the previous candle and is currently headed toward the next resistance level of $6.34.

If bulls could push the price above $6.20, there is a possibility that the price might retest the resistance level of $6.34. The retest of the annual high requires a rise of the price above $7 level. On the other hand, if the price breaks the recent support of $5.70, there is a possibility that it might melt down to $5.20.

Drivers Of UniSwap

Uniswap leads decentralized exchange competitors in terms of development activity by wide margins. UNISWAP has also ranked #1 in total DeFi protocol developer activity. Continued efforts on product improvements could attract liquidity and users from rivals going forward.

The market capitalization has increased by 3.85% to $3,477,567. The 24-hour trading volume is also up by 40.12%.

Will UNI Price Reach $7 This Week?

The cryptocurrency’s price trades above 20,50,100 and 200-day EMAs, implying that the price possesses bullish momentum. Chaikin money flow score is 0.05, suggesting strength in the market. Relative strength index (RSI) is 67.64, denoting that there is strong presence of bulls and that it will soon enter into the overbought zone.

The price has reached the upper band of bollinger which means that there is the possibility of a short-term pullback toward the 20-day SMA of Bollinger. However, the possibility is low as the price is in a strong bullish momentum.

The long/short ratio is 1.03 with 50.93% longs and 49.07% shorts, indicating a slightly higher pressure from the buying side in the last 24 hours.

Conclusion

The market structure and price action of Uniswap is bullish after bouncing off from the support level of $4.03. The technical parameters favor the buying side and suggest that price is in a bullish momentum.

Technical levels

Major support: $5.70 and $5.20

Major resistance: $6.34 and $6.70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.