Published By NewsBTC
Uniswap (UNI) has led growth and gains among other top coins in the last 7 days. The price has been moving northward in the past week, with other top coins following suit.
From the technicality outlook, the coin’s current support zone has been between 6.25 and 6.35, respectively. As of writing, CoinMarketCap has shown the token trading at $6.35, enjoying a 12.07% weekly gain in value.
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The digital asset is one of the leading gainers as it has been able to break past its $6.00 support level. While it slipped below its mark during the week, it quickly bounced back, going up to $6.6 on Tuesday.
Uniswap Price Analysis
UNI was trading at $5.69 in the past week. The bulls have been constantly defeated at the resistant mark by other coins. Many believed that if Uniswap continued to witness fewer demands, it would lose most of Its gains. However, it surged in price in the last 24 hours and led to gains.
If UNI eventually falls below the $6.29 level, it will be reduced to $6.00. This indicates the amount of bearishness it would be for the UNI. However, if it continues leading gains, trading will rise, and the buying strength will keep increasing. Moreover, the overhead resistance, for now, is at $6.29.
Uniswap (UNI) Technical Analysis
UNI has been increasing and decreasing in the trading rate due to the unstable value. This occurred as a result of the coin being unable to exceed the $6.00 resistance mark in the past week. At the time of writing, the relative strength has been slightly below the half line. This signals the increase in selling strength over the buying strength.
It could also mean that sellers are driving the momentum of price in the market. The green signal bar indicates the buying signal for the coin. This could also imply that the UNI might make a comeback in price in the upcoming trading sessions with the increase.
UNI’s price is currently trading at above $6. | Source: UNIUSD price chart from TradingView.com
Where Is The Uniswap Token Heading?
As of the moment, the data chart has indicated that hourly trading is at a low rate. If this continues, the price might change in the next few days to come. The level at which the price may stop falling or rising may be between $6.60 to $6.10.
Unlike other tokens in the chain link, Uniswap seems to have its head high above. This period has been one filled with uncertainty and volatility for the token. It may seem like a rather odd development. This is due to the fact that it has been stuck on a strange decline in the past five weeks.
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It is important to remember that the bull can easily increase the trading price to $7.00. However, the token may still be at the risk of falling below a price of $6.00. it’s best you stay on the lookout for the next pattern breakout.
Featured image from Pixabay and chart from TradingView.com