#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $UNI
The price of Uniswap hovers around $8 after a 32% increase.
The trading volume of UNI has seen a massive increase of over 543%.
The highly volatile cryptocurrency market has erased yesterday's gains, pushing asset prices back to their previous support zone. All major currencies are trading lower, losing momentum. The price of Bitcoin (BTC), the largest asset, has dropped to $105.4 thousand, while Ethereum (ETH), the largest altcoin, is heading toward $3.5 thousand.
At the same time, the Uniswap (UNI) token has emerged from its downward trend, recording a steady increase of 32.51% in its daily value. The asset broke through critical resistance levels between $6.72 and $9.99, before rising to $10.05 from its lowest point of $6.67. With the upward trend continuing, UNI's price is expected to see additional gains.
At the time of writing this report, Uniswap is trading at around $8.91, with a market capitalization of $5.56 billion. Furthermore, daily trading volume has increased by more than 543%, reaching $2.9 billion. According to Coinglass data, the market experienced a liquidation of $11.36 million in UNI during the last 24 hours.
Can Uniswap continue to rise?
The Moving Average Convergence Divergence (MACD) line for Uniswap is above the signal line, indicating bullish momentum in the market. The asset's price may continue to rise, making it likely to be considered a potential buy signal. Furthermore, the Chaikin Money Flow (CMF) index is at 0.13, indicating buying pressure in the UNI market. As the value is above zero, money is flowing into the asset, showing an upward trend.
UNI chart (Source: TradingView)
The asset is moving in an upward direction and may test the key resistance level at around $9.01. Increased upward pressure could lead to the formation of a golden cross pattern, pushing the price of Uniswap towards the $9.11 level. Assuming UNI speculators have exhausted their patience and reversed their course, the token will slide and find support at $8.81. With the downward correction, a death cross pattern may occur, pushing the price back to its previous support level at $8.71, or even lower.
Furthermore, UNI is in the overbought territory, with the daily Relative Strength Index (RSI) settling at 84.41. The price may experience a correction or short-term consolidation unless strong upward momentum continues. The ‘Bull and Bear Strength’ reading for Uniswap at 3.184 indicates strong bullish momentum. This shows that buyers are currently in control, driving prices much higher, suggesting that the upward trend is likely to continue if the momentum persists.$SOL
