Uniswap Coin’s Bullish Trajectory Sets UNI To Breach $7 Level – Time To Buy?
Upward trends in price charts bode well for Uniswap. CoinGecko
reports that over the past 30 days, the token’s value has increased
by 17.6 percent. The currency appreciated by 6.5% in value
throughout the course of the week. As of this writing, UNI is still
in an uptrend, and there are indications that the bullish momentum
will continue, pushing the price of UNI into or over the $7 barrier
mark. UNI’s gains are only one example of the several
cryptocurrencies that took advantage of the market turmoil caused
by the recent CPI report. Is the market getting carried away with
its optimism, or can UNI’s positive momentum continue to the $7
resistance level? Related Reading: Binance Coin Buying Volume Up –
Will This Push BNB Up To $275 Level? The Unicorn Spell CryptoQuant
reports that the token’s exchange reserve numbers are on the rise.
That people are getting ready to sell again is a gloomy sign.
During the September 21st UNI rally, the coin was rejected at the
$7 price resistance level, providing evidence of this phenomenon.
Currently, the momentum indicator is at 0.062. This is barely above
the 0 line of neutrality. The RSI indicator currently rests at
52.61 and 50.24 correspondingly, indicating a deceleration. Even
though the token’s movement is slowing, its predominant
adherence to the XABCD shape may indicate more bullishness.
However, the token has met a roadblock in its quest towards the $7
price area. The recent rejection of the token at $6.774 will
present a difficulty in the coming days. Has The Adjustment Phase
Begun? Chaikin’s money flow indicator shows that
the bulls continue to control the market. At a value of 0.02,
the bulls can use this to generate more momentum and eventually
push the price towards $7. However, if bears seize control of the
market, the $5.993 support line is their greatest defense against a
possible reversal. Market corrections are typical for both stocks
and cryptocurrencies. As a result of the rising level of foreign
exchange reserves, investors and traders should be prepared for
potential volatility in the next days or weeks. Related Reading:
market cap at $4.8 billion on the daily chart | Featured image from
Forkast, Chart: TradingView.com Disclaimer: The analysis represents
the author's personal views and should not be construed as
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