Despite strong consolidation in the broader crypto market Uniswap’s native cryptocurrency UNI has given a strong breakout above $10. The Uniswap price today is trading 8.8% up at $10.68 with a market cap of $6.4 billion. However, the daily trading volumes for UNI coin have dropped by 25% moving all the way to $262 million.
UNI Coin Forms Golden Cross on Charts
On the technical chart patterns, Uniswap continues to show strength by forming the bullish golden cross pattern. The Golden Cross forms whenever the 50-day moving average surpasses the 200-day moving average. The recent price movements show a strong Uniswap price recovery from the lower levels.
Courtesy: Trading View
This shows that the UNI coin is turning bullish in the short term eyeing for further gains from here onwards. On the other hand, the Uniswap RSI currently stands at around 52.68. This shows that the altcoin is neither overbought nor oversold, which leaves additional room for potential price movements going ahead without any immediate selling pressure from the traders.
Additionally, the current Uniswap holders in the majority are at 51% which would provide them an incentive to hold on for some more time before resuming profit booking.
Will the Uniswap Price Rally Continue?
Currently, the Uniswap price is moving in a channel pattern. Thus, if the broader crypto market picks up momentum, the UNI coin price can extend its rally further to the upper resistance of the channel pattern i.e. 13.15 levels by the upcoming week. If it breaks resistance, it can further rally to $15, and subsequently to $20.
On the other hand, if the trend reversal occurs, Uniswap will lose momentum and test support at $9.90. Later on, if the bears continue to dominate the space the UNI coin can plunge further to the level of $8.40 this month.
Earlier this week, Uniswap Labs acquired the popular blockchain-based game Crypto: The Game (CTG), aligning with its vision to make blockchain interactions enjoyable and accessible. This partnership will focus on advancing CTG’s upcoming third season and introducing new interactive crypto experiences.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
