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- Uniswap price has been trading sideways for the past three days.
- The bulls saw a five-month low at $4.7, which was a support level.
- The overnight market capitalization rose 6.1%, to a reported $4.51 billion.
The price of Uniswap token hit a five-month low of $4.71 on 9 November. This support level acts as a pumping zone for the short-term outlook and buyers place massive buy orders at this level. Later, buyers try to cushion the selling pressure by keeping the live trading price above the monthly low.
Undoubtedly, the price action of the UNI token is painting a daily low and a higher time frame like above. Amidst this price trend. Bears often sell UNI crypto on a downsloping trendline (bottom of chart). opposite of this. The buyer failed to place the crypto on an ascending trendline, which could hamper the ongoing recovery.
At the time of writing, the Uniswap token price is trading at $5.88 against the USDT pair. Although, value trades in a sideways trend for the past three days but bulls hold 5.76% intraday gain. Thus Market capitalization increased by 6.1% overnight, reported at $4.51 Billion.
Trading volume is high nowadays, suggesting volatile sessions for the speculators. This month has extreme volatility, nevertheless, price stays sideways. In the last 24 hours, trading volume decreased 52%, reported at $178 Million. In terms of the daily price chart, all significant moving averages like 20,50,100 and 200 are remaining above the current price. The 200 DMA is a red zone of volatility.
On the daily price chart, RSI indicator rapidly bounced from the oversold region and its peak headed towards the semi-line along with a minor retracement phase. At the time, it stayed at the 45 mark, showing a recovery sign. Besides, the MACD loses its existence in the positive zone, as histograms make lower-lows.
Conclusion
The Uniswap token is standing lower than the 200 day moving average in terms of the daily price scale. Buyers need to turn this level into immediate support and then they will have to accumulate UNI tokens around the bearish trendline.
Support level – $5.5 and $3.5
Resistance level – $8.0 and $10
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
