Uniswap (UNI) Isn’t Looking Promising

Even though the Uniswap (UNI) token has reached the second spot on the daily top crypto movers list, price action in the daily market still looks a bit depressed. The price of the token has touched down on the $12.74 price level for the second time and, as such, may be hinting at a potential bullish breakout. However, let’s examine the market closely for more cues.

UNI Statistics:

Uniswap Price: 13.28

Uniswap Market Capitalization: $13.35B

UNI Circulating Supply: 600.48M

UNI Total Supply: 1B

Uniswap CoinMarketCap Rank: 23

Key Price Levels:

Resistance: $14.00, $15.00, $16.00

Support: $13.00, $12.00, $11.00

Uniswap Needs a Push

Price action in the Uniswap daily market touched down on support at the $12.74 price level in the past two sessions. As of the time of writing, the ongoing session appears as a tiny red-price candle. However, this price candle sits just above the 50-day Moving Average (MA) line.

Meanwhile, the Stochastic Relative Strength Index lines can be seen rising upward following a crossover at the 20 mark of the indicator. Technically, this somehow supports the opinion that price action should proceed upward. But this calls for more critical examination.

UNI Market Stays Largely Depressed

While the UNI daily chart shows some optimism, it could be seen that price action in the 4-hour chart says otherwise. Here, price action has been below the 50-day MA line for a while. However, the current session has appeared green, but the corresponding price candle lies below all the MA lines on the chart.

Likewise, the Stochastic RSI lines can be seen converged for a bearish crossover. Even the trajectory of the indicator’s lines seems downward, suggesting that downward forces are likely to prevail. Therefore, traders in the market may only aim at minimal gains toward the $14.00 price level.

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