“Uniswap prices have been able to break past the accumulation phase. Over the last 24 hours, the altcoin has moved up by more than 8%. In the past week, the coin surged close to 12%, which can be equated to a rally”.
Uniswap have been consistently green ever since the other altcoins started a downward movement on their charts. The technical outlook of the coin also agreed with the bullish force.
However, it is important for Uniswap to maintain this momentum and trade above its immediate resistance. If not, then the bulls could soon lose their strength.
Increase in Demand for Uniswap
Buyers have built a support zone for the bulls. As noted on the one-day chart, the demand for Uniswap grew substantially.
It is important for Uniswap to continue trading above the $7 price mark in order for the coin to come under complete bullish control.
Uniswap prices have continued to form higher highs, which are tied to strong bullish momentum. The global cryptocurrency market cap today was at $1.04 trillion, with a 0.5% positive change in the last 24 hours.
Uniswap Price Analysis: One-Day Chart
On the one-day chart, Uniswap was valued at $7.047, and $UNI was trading at $6.590 at the time this article was written. In the past few weeks, the price of the coin has had a hard time going above $7.
The bulls were able to rocket past the $7 price point thanks to the overall market momentum. At that price, $7.40, the currency was met with immediate opposition.
This price point is really important for the coin. After the buyers have succeeded in pushing the price above $7.40, the cryptocurrency may run into fresh opposition at $7.90 before it is able to trade above the $8 price level.
If the altcoin falls below this level, the next price level it will reach is $6.47, and then it will reach the support line at $6.02. The volume of UNI that changed hands during the previous session saw an increase, which is an indication that the number of buyers had grown.
On the one-day chart, Uniswap observed an increase in the amount of buying strength.
Over the course of the previous month and a half, the altcoin has seen significantly more selling pressure than buying strength. Buyers are now back on the chart now that it has broken out of its lateral trading pattern recently.
When the Relative Strength Index is above the 60 mark, it indicates that there are more buyers than sellers in the market. This is a bullish sign.
UNI also made a bullish engulfing pattern, which is shown on a chart by the appearance of green candles that get bigger and bigger. This pattern is related to price activity that is favorable.
The price of Uniswap was found to be higher than the 20-SMA line, which indicated an increase in the demand for the altcoin. It also showed that buyers were the main reason why prices were going up and down in the market.
Uniswap’s one-day chart exhibited a “buy” signal earlier today.
Based on a number of other technical indicators, Uniswap was acting as if it were being affected by a bullish force. The Convergence of the Moving Averages The strength and direction of an asset can be determined by examining its divergence.
The MACD saw a bullish crossover, and green histograms were generated as a result. This was the purchase signal for the alternative cryptocurrency. Price volatility and price fluctuation are both measured using Bollinger Bands.
The bands were moving in the same direction, which suggests that the price won’t change much over the next few trading sessions.
The general market sentiment of Uniswap
The main fundamental news behind Uniswap that sparked this spike in price is that Uniswap has just raised $165 million in a Series B investment round led by Polychain Capital to “deliver web3 to everyone.” This information was disclosed on Thursday by the decentralized cryptocurrency exchange (DEX). A16z Crypto, Paradigm, SV Angel, and Variant.
This has caused a reaction for investors to bag more uniswap coins. Knowing the price will rally up to $45 during the next bull run. which would yield massive profits for investors who got in now.