Uniswap (UNI/USD) Gains Upward Momentum, but Slows as It Approaches $8.00
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Since early August, Uniswap (UNI/USD) has exhibited a strong uptrend, consistently forming higher highs and higher lows. This positive price action began after finding a crucial support level around $5.00.
However, as the market approached the $8.00 resistance level, we observed a slowdown in bullish momentum. Repeated attempts to break above $8.00 have been met with selling pressure. Despite this, Uniswap has managed to establish a slightly higher support level at $6.60, compared to the previous support level at $6.40, this showing the determination of the bulls in this market.
Uniswap Market Data
- UNI/USD Price Now: $7.78
- UNI/USD Market Cap: $4.8 billion
- UNI/USD Circulating Supply: 600 million UNI
- UNI/USD Total Supply: 1 billion UNI
- UNI/USD CoinMarketCap Ranking: #22
Key Levels
- Resistance: $8.00, $8.50, and $9.00
- Support: $6.50, $6.00, and $5.50.
Uniswap Through the Lens of Indicators
The Bollinger Bands indicator is converging with the upward-trending price channel, reflecting the market’s bullish momentum. However, as the price action slows near the $8.00 resistance level, the Bollinger Bands are adjusting accordingly.
Despite the high volatility indicated by the Bollinger Bands, buyers have demonstrated dominance by maintaining price swings above the upward-sloping 20-day moving average. The emergence of a new support level at $7.14, in addition to the existing support at $6.60, is strategically beneficial for bulls. As these support levels approach the $8.00 resistance, they may exert upward pressure, potentially leading to a breakout.
UNI/USD Price Prediction: 4-Hour Chart Analysis
The previous trading session saw a surge in trading volume, as indicated by a tall histogram. This crypto signal increased investor interest propelled the price to the $8.00 level. Profit-taking activity at this resistance led to a subsequent correction.
However, the market remains bullish, as evidenced by the current upward movement towards $8.00. Despite this, the trading volume for the current 4-hour session is relatively low, suggesting potential consolidation at the $8.00 level. As demand and supply appear to be balanced at this price point, a period of sideways movement may occur.
