- Uniswap trades in the $12 range, gaining by over 17%.
- The daily trading volume of the asset has surged by 63%.
The cryptocurrency market is riding a rollercoaster, erasing recent gains. The largest asset, Bitcoin, has fallen back to $102K, while the altcoin Uniswap (UNI) rebelled against the trend with a 7.13% surge.
In the early hours, the asset couldn’t climb up resulting in a fall to a low of $10.87. Eventually, the bulls took control and Uniswap reached a high of $12.03. At the time of writing, Uniswap trades at $12 with its daily trading volume approaching $411 million.
On the other side, UNI’s price has lost over 10.15% in the last seven days. The asset opened the week trading at $13.40 and steadily plunged to a weekly low of $10.39.
What’s Ahead for UNI in the Coming Days?
Uniswap’s four-hour trading pattern exhibits the collective negative sentiment. The asset’s price could test the immediate support at the $11.76 range. If the selling pressure intensifies, the UNI price might steadily drop toward $10, and more loss will trigger to fall even lower.
However, if the UNI bulls claimed control over the bearish pressure, it might bring in a retest of the $12.27 resistance. Assuming the altcoin continues to trade on the upside, the price could move to a high at the $14 mark and rally further.
Moreover, the Moving Average Convergence Divergence (MACD) line of Uniswap is stationed below the signal line, but both lines are beneath the zero line. This signals the overall downside trajectory of the asset.
The Chaikin Money Flow (CMF) indicator is found at -0.10. It infers a negative money flow and a slight selling pressure within the market. Meanwhile, Uniswap’s trading volume has increased by over 63.64%.
Additionally, the 24-hour price chart of UNI shows the short-term 9-day moving average below the long-term 21-day moving average at $12.13 and $13.05, respectively. Also, the asset is neutral as the daily relative strength index (RSI) is found at 42.23.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
