- Uniswap is hovering around the $5.75 range.
- UNI’s trading volume has dropped by over 15%.
After a turbulent phase, the crypto market has made a recovery, resulting in the assets stepping into new highs. Currently, the market reflects mixed signals, slipping 1.23%. Meanwhile, Uniswap (UNI) has recorded a loss of over 2.56%.
UNI kickstarted the day trading at around $5.91. The asset has mounted and hit its daily high of $6.09. Eventually, the bears appeared and drove the price to slip toward the $5.79 range.
At the time of writing, Uniswap trades at around $5.75 with its market cap touching $3.61 billion. Notably, the daily trading volume of the asset has reached $170 million.
As per on-chain data, after being dormant for over 3.5 years, three wallets linked to Uniswap have deposited a total of 10.21 million UNI, worth around $60.99 million, to Coinbase Prime. Notably, the largest deposit is from a wallet that had received 9 million UNI back in September 2020.
Will UNI Maintain Its Uptrend or Hit Resistance?
The uninterrupted bullish price trajectory of UNI has the potential to bring in a retest of crucial resistance at the $6.14 mark. A continued upside trading could initiate the asset to rise to a peak of around $8 and may rally further, eyeing more gains.
Assuming the uptrend reversal, the asset’s price might slide to the nearby support range at $5.12. An extended downside correction of Uniswap could trigger a steep decline toward $4.71, and further losses may lead it to retrace even lower.
Uniswap’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It implies a bullish crossover with the potential of more upside and continued strength in the price action.
Moreover, the Chaikin Money Flow (CMF) indicator stationed at 0.24 hints at a strong buying pressure, with the money flowing into the asset. Meanwhile, UNI’s daily trading volume has dropped by over 15.56%.
The asset’s active market sentiment is bullish, with the daily relative strength index (RSI) at 61.12, suggesting the buyers have the upper hand. Besides, the Bull Bear Power (BBP) value of 0.0792 indicates a slight bullish bias in the market.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Source: https://thenewscrypto.com/uniswap-faces-a-dip-yet-is-the-path-to-8-still-in-sight/