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The Uniswap coin has appeared in the second spot on the daily crypto movers list after the token recorded a price increase of nearly 20%. This massive movement brought the token to trade significantly above the $8.00 mark. There is a likelihood of more bullish activity happening in this market, so let’s take a closer look at the market below.
UNI Statistics:
Uniswap Price: $8.50
UNI Capitalization: 5.17B
Uniswap Circulating Supply: 600.43
MUNI Total Supply: 1B
Uniswap CoinMarketCap Rank: 21
Key Price Levels:
Resistance: $9.00, $10.00, $11.00
Support: $8.00, $7.00, $6.00
Uniswap Breaks the $8.00 Resistance
Price action in the UNI/USDT daily market saw a massive price move in today’s trading activity. This brought the price of the token through the $8.00 mark. At this point, the market is now eyeing the $9.00 mark with a considerable possibility of breaking this resistance level. The current price of this token now lies above all the Moving Average (MA) lines.
Similarly, the Stochastic Relative Strength Index lines have taken on an upward trajectory following an upward crossover in the oversold region. The last price candle on this daily chart appears huge and has a tiny upper shadow, and as such suggests that downward forces are too strong at the moment in this market.
The UNI Market Stays in Pursuit of Higher Price Levels
Coming to the Uniswap 4-hour price chart, it is seen that a new session has begun. Also, buyers stay ahead as the price candle appears green even above all the MA curves. The MA lines can be seen all converging below price activity. Meanwhile, the Stochastic RSI lines are also projected upwards even after the leading line of the indicator has hit the 100 mark of the indicator.
However, the last price candle now has a conspicuous upper shadow, hinting at a potential downward contraction of prices. Nevertheless, traders may still want to stick to using crypto signals aiming at a breakthrough of the $9.00 price level.
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