- Uniswap hovers near $6.85 after posting gains of over 8%.
- The daily trading volume for UNI has surged by 190%.
Following a period of turbulence, the crypto market is making a comeback to recent highs. Bitcoin and Ethereum have each climbed over 3%, setting a bullish tone. Riding the wave, Uniswap (UNI) has broken through crucial resistance levels, rallying over 8.06%.
The asset opened the day trading at a low of $6.33. Later, Uniswap has broken through the vital $6.53 and $6.95 resistance zones before climbing to the daily high of $7.04.
At the time of writing, Uniswap trades at $6.85 with its market cap reaching $4.11 billion. Also, the daily trading volume has reached $298 million. Notably, the market has witnessed the liquidation of $967.66K worth of Uniswap during this period.
UNI’s price has gained over 17.38% in the last seven days. The asset opened the week trading at a low of $5.71 and steadily climbed to the current trading level.
Is a Bullish Move Brewing for UNI?
Assuming the uninterrupted presence of UNI bulls, the price might bring in a retest of the $7.12 resistance. As the altcoin continues to trade on the upside, the price could mount up to a high of $8 and may rally further.
If the trend reverses, the asset’s price could likely fall to the immediate support at the $6.47 range. Further downside correction of Uniswap might trigger a steady drop toward $5, and more losses lead it to fall even lower.
UNI’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This signals the overall upside trajectory of the asset and the potential for continued upward price movement.
In addition, the Chaikin Money Flow (CMF) indicator settled at 0.06 infers that the money is flowing into the asset and potential bullish sentiment. Meanwhile, Uniswap’s daily trading volume has surged by over 190%.
Uniswap’s Bull Bear Power (BBP) value found at 0.4089 indicates that the bulls are currently stronger than bears. Besides, the asset is approaching the overbought territory as the daily relative strength index (RSI) is at 64.58.
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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