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The cryptocurrency market may have cooled down but some selected Altcoins led by Ethereum and followed closely by UniSwap (UNI) while posting daily gains are blowing hot on the second day of the week.
*UNI/USD pair remains bullish while trading above the $31.51 support level
*Buyers are awaiting upside range break with $35 back in focus
*UniSwap continues to dominate the decentralized exchange space
The price of UniSwap (UNI) was choppy in early trading as buyers reacted to the ongoing cryptocurrency market correction. Following heavy rejection from the upward push, buyers are awaiting an upside range break with $35 back in focus. The near-term trend surrounding the UNI/USD pair remains bullish while trading above the $31.51 support level. According to Coinmarketcap UNI currently has a market cap of $17.33 billion placing it 8th on the market cap table, with $485 million in trading volume over the past 24 hours. The price is currently around the bullish confluence zone at the $33 level.
UniSwap Retains Top 10 Crypto Status
Uniswap (UNI) remains in the top ten as its $ 17.33 billion market cap continues to surpass Litecoin and is ranked 8th largest. Uniswap is a decentralized exchange (DEX) protocol founded by Hayden Adams in 2018. DEX allows you to trade non-custodial ERC-20 tokens through a software or hardware wallet. Uniswap released a governance token (UNI) via an airdrop on September 16, 2020. Despite the intensifying competition, Uniswap continues to dominate the decentralized exchange space as UNI token specifications remain optimistic.
UNI/USD Daily Chart: Bullish
Although UNI/USD has a limited trading history and needs to be analyzed on lower timeframes, as opposed to the daily chart. It offers a larger outlook to analyze where the UNI market is heading. After it rebounds from the prior week’s low level at $27.86, the technicals for the UNI/USD stay bullish with a price above the ascending trendline support.
The upside resistance is mild and sits at the current all-time highs of $35.15 level and shows strong support, based on the daily moving average (MA 50). Additionally, a growing bullish status has formed on RSI trading above its midlines of 50 suggests a steady bullish momentum. Buyers await the UNI/USD break above the $35.15 level to resume the bull cycle.
UNI/USD 4-Hour Chart: Ranging
On the four-hour timeframe, the moving average (MA 50 and MA 200) is back beneath the price and it signifies a strengthening bullish scenario for the UNI/USD which has resulted in a sustained upside run. Based on historical data on the charts, UNI trades ahead of the ascending trendline and moving average (MA 200) since early January 2021.
Its key resistance is formed at $35.28 and a breakout above this crucial top would drive UNI/USD price to confront near term barrier at $37.50 before attempting a further high zone around $40 psychological price level. A strong intraday consolidation is in play while the pair trades above the $31.51 support and 4 hour MA 50.
Resistance Levels: $40.00, $37.50, $35.28
Support Levels: $31.51, $27.86, $24.41
Image Credit: Tradingview
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