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- Uniswap is currently seeing an upside trend and can move to a new high in the future.The asset has seen a fall of 2.5% in the intraday session
- Technical indicators of UNI suggests a consolidated price for upcoming days. Meanwhile,UNI/BTC pair has seen a pump of 0.35% in the intraday session.
Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance tokens. It aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges. Uniswap has remained one of the most popular defi AMM among the traders for the past few years.
Uniswap is currently ranked 17th as per the Coin Market Cap data and has a market capitalization of more than $6,321,697,381. The volume of the UNI has seen a drop of over 85% in the past 24 hours.
Are UNI Bulls Ready For A Run?
The weekly technical chart of Uniswap suggests a consolidated trend in price and can move to a new high in the future. On coming to the daily chart the asset price is trading near the value of $8.47. It is currently below the 50 and 100 Daily Moving Average with a positive crossover. If the asset price breaks the threshold of $12 then a strong momentum to a new high can be observed. While moving on downside direction the asset can see a bounceback near $6.
RSI: The RSI of UNISWAP is currently near 56 suggesting its presence in the oversold zone.If the RSI of the asset crosses above 65 then a strong upside can be observed.
Conclusion
Uniswap is on the cusp of breakout to a new high in the future. If Bitcoin sees a strong move then a new high for UNI can be seen in the future.
Technical Levels
Major Support: $6.5-$6
Major Resistance: $10.5-$11.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
