Uniswap Price Breaks Past The $7 Mark After Forming This Pattern
October 28 2022 - 12:00AM
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. Related Reading: Solana Recaptures $30 Support; Here Is
What To Expect Based On This Indicator 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. Related Reading:
Bitcoin Price Can Touch $22,000 If The Bulls Barrel Past These
Levels Featured Image From VOI, Charts From TradingView
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