Uniswap token price rebounded from the support of $3.500 and showed a V-shaped recovery indicating a trend reversal in the past sessions. Moreover, the buyers start accumulating the token and attaining momentum. UNI price now recaptures the value area near $6.00 and is looking to surpass the prompt hurdle of $6.500.
Furthermore, UNI price surpassed the significant moving averages and showed a golden crossover, suggesting buyers are gaining traction and correction is near the end.
The chart formed a rising wedge pattern, broke the upper trendline near $5.00, and bounced above the significant moving averages. Moreover, the leading indicators suggest further buying in the following sessions. The technicals prefer buying projections. If the price surpasses $6.50, momentum will increase sharply and the price would head for the $7.00 mark.
At the time of writing, UNI price is trading at $6.11 with an intraday drop of 1.55%, showing a neutral chart structure. Moreover, the trading volume increased by 2.43% to $88.98 Million. The pair of UNI/BTC is 0.000204 BTC, and the market cap is $4.90 Billion.
Recently, the twitter account of Uniswap founder “Hayden Adams” was hacked, which led to negative sentiments for the native token UNI and as profit booking was noted in the last two sessions.
Daily Charts Shows Fresh Buying Projections
The UNI token price bounced and recaptured the neutrality marks above $6.00 on the daily charts. Furthermore, the chart structure suggests positive cues based on the long buildup activity noted in the past weeks. Buyers are gaining strength.
As per the Fib levels, the UNI token surpasses 50%, reaching 61.8% near $6.800. Furthermore, the token price is near the upper bollinger band, suggesting initiation of buying.
In the past few sessions, the UNI token favored buyers as it entered bullish territory, suggesting that the token has done its correction and is now ready to glimpse bullishness.
Short Term Chart Shows Negative Cues
On the 4-hour charts, the UNI token showed profit booking amid negative news, leading to panic selling in the last session. However, buyers are holding the gains above the key MA, and a bounce can be anticipated soon.
The RSI curve stayed at 51 near neutrality and formed a positive crossover which still suggests further buying in the upcoming sessions.
The MACD indicator showed a bearish crossover and formed red bars on the histogram, which shows profit booking in the last session.
Conclusion
UNI token price is trading above the key moving averages and is near the upper bollinger band suggesting bullishness on the charts. Moreover, the buyers persisted in accumulating and trying to catch a glimpse of bullishness.
Technical Levels:
Support Levels: $6.00
Resistance Levels:$7.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/23/uniswap-uni-price-recaptures-bullishness-will-it-catch-7-00/