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After a period of sideways action between the 18th and 25th of April, Uniswap’s price has finally gathered enough bullish momentum to successfully break out of the range. While the upward trend seems positive at the moment, as does the general bullish aspect of the altcoin industry, UNI may see accelerated price exploration after the $40 price level in the coming week.
UNI was valued at $40 at the time of publication, with a 24-hour trading rate of $987 million. The coin’s price has increased by more than 12% in the last day, and it now has a market capitalisation of more than $19 billion.
Uniswap 1-day chart
UNI has been exhibiting heavy bullish traction since April 25th, when it flipped a central level of resistance to a strong support. At the time of publishing, UNI has encountered opposition at $40 and will soon be able to break through it. In this case, a new ATH for UNI is just around the corner.
However, if the trend reverses, the coin is expected to find help in the $35 price point. This has aided the price on many occasions recently and is a critical stage that aids UNI’s recovery.
There is still good support around the $29 price range, but with the current market situation, such a decline is not likely in the coming week.
UNI’s technological metrics seem to be very promising. The MACD indicator has made a bullish crossover. Currently, the MACD line is high above the signal line, with no indications of a pattern turnaround in the near future. The stochastic tracker has already made a bullish convergence and has pushed dangerously close to the overbought zone. This meant that the buyer competition was very good and that UNI was in high demand in the market.
Uniswap has set a new all-time high, and traders should foresee further market discovery in the coming days. The coin’s heavy bullish momentum is expected to last a few days in the UNI market as long as there is no major disruption of common cryptos such as BTC and ETH.