- Uniswap hovers near the $8 mark after a 32% rally.
- UNI’s trading volume has exploded by over 543%.
The seriously volatile crypto market has erased yesterday’s gains and pushed the asset’s prices to their former support zone. All major tokens are trading on the downside, losing momentum. The largest asset, Bitcoin (BTC), has tumbled to $105.4K, and Ethereum (ETH), the largest altcoin, is sliding toward $3.5K.
Meanwhile, Uniswap (UNI) has broken free from the downtrend with a steady 32.51% rally in daily value. The asset has broken through the vital resistances between $6.72 and $9.99 zones, before climbing to the high of $10.05 from a bottom range of $6.67. Upon the uptrend staying stronger, the UNI price would see additional gains.
At the time of writing, Uniswap trades at around $8.91, with its market cap reaching $5.56 billion. Besides, the daily trading volume has skyrocketed by over 543%, hitting the $2.9 billion mark. As per the reporting of Coinglass data, the market has experienced a liquidation of $11.36 million worth of UNI during the last 24 hours.
Can Uniswap Keep Riding the Bullish Wave?
Uniswap’s Moving Average Convergence Divergence (MACD) line is settled above the signal line, implying bullish momentum in the market. The asset’s price may continue to rise, likely to be seen as a potential buy signal. Moreover, the Chaikin Money Flow (CMF) indicator is found at 0.13, which points out that buying pressure is present in the UNI market. As the value is above zero, the money is flowing into the asset, showing bullish sentiment.
The asset lies in the bullish phase, and the price might test the key resistance at around $9.01. The mounting upside pressure could trigger the golden cross to emerge, and take Uniswap’s price toward the $9.11 mark. Assuming that the UNI bulls exhausted and turned the tide, it will slip and find the $8.81 support. With the bearish correction, the death cross might take place, sending the price to its former support at $8.71, or even lower.
Furthermore, UNI is in an overbought territory, as the daily Relative Strength Index (RSI) is resting at 84.41. Also, the price may be due for a short-term correction or consolidation unless strong bullish momentum continues. Uniswap’s Bull Bear Power reading at 3.184 signals strong bullish momentum. It shows that the buyers currently have control, pushing prices well above, a sign that the uptrend could likely continue if momentum holds steady.
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Source: https://thenewscrypto.com/32-rally-for-uniswap-uni-can-the-momentum-keep-flowing-for-a-bigger-wave/