- Uniswap coin’s price aims for a climb out of December’s pit after its fall during the same time frame
- The token enjoyed an inclination in its weekly performance by 32.71%
- UNI to continue its bullish climb till it reaches its first threshold
Uniswap’s market price has climbed along a steep angle in the last week and continues to do so. The coin with a market rank of 18 and a market share of 0.5% is attempting another climb after falling at the start of the month. The token’s market cap enjoyed an increment of 13.6%. UNI’s trading volume in the last 24-hours went up by 65.42%. The volume to market cap stands at 0.03372. The UNI/ETH pair saw its value increment by 11.82%, followed by the UNI/BTC pair’s intraday increment of 10.4%.
The hourly UNI chart shows the weekly bullish sentiment. The coin has recently formed a bullish pennant pattern on the chart that pushes its current market price to where it resides. The trend lines drawn over the candlesticks support the current climb while keeping the price action in the bounds of the trend. The EMA lines stayed above UNI before finally coming down the candles, and the 100 EMA line may overtake the 200 EMA soon to mark a mid-term bullish trend.
UNI’s price to climb, but with risks as per the indicators
The daily chart over the quarter shows the damage UNI has faced by 16.5%. However, the underperformance may diminish over time if UNI continues to perform bullishly. The MACD seems to be climbing towards the zero level and is already above the signal line, and indicates a pre-bullish phase. The RSI also resides in the neutral zone but climbs upward towards the overbought zone. One should be careful about the demand and invest accordingly.
Conclusion- Uniswap rallies with a recovering tendency but still possesses the risk of a reduction along the way if the demand suddenly rises and puts the coin in the overbought zone. Nonetheless, day trading would be a good idea for the short term.
Resistance- $23.522 and $28.852
Support- $12.065
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.