Uniswap Price Analysis — February 8

Uniswap Price Analysis — February 8

Uniswap (UNI) has been on a roll since the start of the year with the market capitalization increasing by about 280% in its year-to-date figures. Although the cryptocurrency has traded on a depressed momentum through February, the possibility for another leg up appears to be very likely.

IntoTheBlock’s In/Out of the Money around Price (IOMAP) model shows that there is very little resistance ahead for Uniswap at its current price level ($19.44). Instead, the model reveals that there is a massive demand wall lying ahead for UNI. The $19.60 resistance was said to be a significant price point for UNI, considering that there was a 2,900-address strong buy wall at that level that bought about 8.4 million UNI.

Considering the strength of this buy wall, a fall below the $19.60 level—like we are currently seeing—will prompt these investors to bulk-up on their holding to avoid seeing their investment go ‘Out of The Money.’

That said, if a major downward swing rocks the UNI, the IOMAP showed that there was yet another buy wall at the $18.04 support area. At this buy wall, there were 6,500 addresses ready to purchase about 1.45 million tokens.

Uniswap is a Decentralized Exchange (DEX) protocol created by Hayden Adams in 2018. The DEX allows investors to trade ERC-20 tokens in a non-custodial manner through designated software or hardware wallets. Uniswap released its governance token (UNI) via airdrop on 16 September 2020.

UNI – 4-Hour Chart

Key UNI Levels to Watch — February 8

Following a recent fall from the $22.64 all-time high last week, UNI appears to have rebounded from the $17.23. The cryptocurrency is now trading up along our ascending trendline, as the cryptocurrency aims for the $22.64 ATH. However, UNI would first have to clear the $20.86 resistance in the coming hours.

Failure to clear this resistance soon could send the cryptocurrency down to the $18.65 support, where more dip-buyers could come on board.

Meanwhile, our key resistance levels are at $20.86, $21.68, and $22.64. While our key support levels are at $18.60, $17.23, and $15.84.

Total Market Capitalization: $1.34 trillion

Uniswap Market Capitalization: $5.8 billion

Uniswap Dominance: 0.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.