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- The bulls for Uniswap are finally back in the market with a significant positive move upfront
- The digital asset gained positive momentum as soon as it broke below the crucial mark of $3.00
- The UNI/BTC pair is also performing positive with an overall gain of 5.595 bringing the current level to 0.00028053 BTC
Uniswap faced major price corrections after it reached the bullish level of $7.00. The negative momentum sustained for a longer duration for the coin providing significant damage to the price levels which further resulted in a drop below $3.00. However, the drop triggered the buying wave for the crypto asset and reclaimed the $3.00 price mark on Monday’s market session. The CMP is placed at $3.23 with an overall gain of 6.44% bringing the market capitalization to $651,984,146 with the 24-hour volume traded of $281,354,653. The UNI/ETH pair is also performing positive with an overall gain of 5.22% bringing the current level to 0.00855577 ETH
Technical Levels Reflecting on the Positive Move of Uniswap
The technical chart reflects on the downfall faced by Uniswap from the past month which is later followed by a minor price recovery action in the month. The retracement chart shows that the bulls are having major resistance which is placed at 0.382fib level. Currently, the price levels are looking for a positive cross above the 0.236fib level and sustainability at the same time.
The directional movement index continues to reflect bearish nature as ADX(16.00) is well below -DI(19.46).
The commodity channel index shows that the levels have made a huge positive recovery from the oversold region to the current bullish level of 94.31.
The relative strength index also avoided any further downfall to the oversold region and is currently regaining its bullish level standing at 55.67.
Is this the Start of Major Price Recovery Action for Uniswap?
It is too early to say that the cryptoasset has begun its major price recovery action in the market. Only the long sustainability above the price level of $3.00 can ensure that. Also, with this positive move, the coin must have a short term target at $4.00.
RESISTANCE LEVEL: $4.00
SUPPORT LEVEL: $2.90
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
