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Uniswap (UNI): Heading towards resistance level?

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Uniswap (UNI) has been hit by market corrections after the cryptocurrency established an all-time high at $44.97. At the time of press, Uniswap stands at a price level of $40.25. The price of UNI coin has fallen by 3% in the past twenty-four hours while the daily trading volume is on a slow rise. Ranked eleventh in the market, the capitalization of the cryptocurrency has also fallen in lieu with the price.

Uniswap (UNI) technical analysis

The technical indicators are giving out a buy signal for Uniswap – indicating towards a bullish sentiment in the market. Out of the twenty-six technical indicators, ten bare standing at a neutral position while twelve are giving out a buy signal with only four indications of sell. The oscillators are neutral while the moving averages are strongly bullish.

In the 45 minutes timeframe, Uniswap has been identified to be operating in a descending channel formation. The descending upper boundary is acting as strong resistance for UNI coin while the lower boundary has been established as strong support. Uniswap has retested the support at the lower boundary and it had held. After falling lower than the 20-day Moving Average and with the 20-MA acting as resistance, UNI coin has, once again, gone above the MA level. Keeping the upward movement in mind, UNI crypto may retest the resistance level at around $43 – or at least head towards that level.

Could Uniswap break its ATH?

The recent bullish trend in Uniswap’s market can be accorded to the launch of the V3 update. The V3 was the most anticipated upgrade of the decentralized exchange. The most powerful version to date, V3, provides increased capital efficiency and better infrastructure for traders.

While the V2 protocol is still live on Ethereum’s blockchain, it is expected that eventually majority of the users will migrate to V3. In just two days after its launch, users have registered complaints primarily about the high gas fees. However, it has also been reported that the V3 has processed more than double the volume that V2 did in its first month. The newer version of the Ethereum-powered automated market maker can take it to newer highs.

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