Uniswap Price Breaks Past The $7 Mark After Forming This Pattern
Uniswap price has been able to break past the consolidation phase. Over the last 24 hours, the altcoin has moved up by more than 4%. In the past week, the coin surged close to 8%, which can be equated to a rally.
UNI has been consistently green ever since the other altcoins started to travel north on their charts. The technical outlook of the coin also agreed with the bullish force.
However, it is important for Uniswap to maintain this momentum and trade above its immediate price ceilings. If not, then the bulls could soon lose their strength.
Buyers have been supportive of the bulls. As noted on the one-day chart, demand for Uniswap grew substantially.
It is important that UNI trades above the $8 price mark in order for the coin to come under complete bullish control.
Uniswap price has continued to form higher highs, which are tied to strong bullish momentum. The global cryptocurrency market cap today was at $1.04 trillion, with a 0.5% positive change in the last 24 hours.
Uniswap Price Analysis: One-Day Chart
UNI was trading at $7.04 at the time of writing. The coin has struggled considerably to cross the $7 price mark for the past few weeks.
Overall market strength helped the bulls to zoom past the $7 price mark. The coin encountered immediate resistance at $7.40.
This is a crucial price mark for the coin. Once the bulls manage to break above $7.40, the coin could experience another resistance at $7.90 before it can trade above the $8 price level.
A fall from this level will take the altcoin to the $6.47 price level and then to the $6.02 support line. The amount of UNI traded in the last session also appreciated, indicating that buyers had increased in number.
Technical Analysis
The altcoin for the past month and a half noted more selling pressure compared to buying strength. With its recent break from lateral trading, buyers are finally back on the chart.
The Relative Strength Index was above the 60-mark, which is considered bullish with more buyers compared to sellers.
Additionally, UNI formed a bullish engulfing pattern which happens when the chart pictures bigger-sized greener candles. This pattern is tied to positive price action.
The Uniswap price was above the 20-SMA line which signified growth in the altcoin’s demand. It also meant that the buyers were driving the price momentum in the market.
UNI was under a bullish influence, as pointed out by other technical indicators as well. The Moving Average Convergence Divergence indicates the strength and direction of an asset.
The MACD underwent a bullish crossover and formed green histograms. These were the buy signal for the altcoin. Bollinger Bands measure price volatility and price fluctuation.
The bands were moving parallel to each other, signifying that price movement will not experience any sharp volatility over the upcoming trading sessions.
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Text source: NewsBTC
