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Price activity in the Uniswap market has previously surged through the $7.50 price level to test $7.80. However, a downward rejection occurred, and price action retreated below the $7.50 price level. Nevertheless, signs of life are still very much present in this market.
Key UNI Statistics:
Current Uniswap value: $7.29
UNI Market Cap: $4,416,399,220
Uniswap Circulating Supply: 598,187,016 UNI
UNI Total Supply: 1,000,000,000 UNI
Uniswap CoinMarketCap Ranking: 20
Key Price Levels:
Resistance: $7.29, $8.00, and $9.00
Support: $7.00, $6.00, and $5.00
UNI Price Action Stays Outside the Bollinger Band
During today’s trading, Uniswap’s price action surged through the uppermost limit of the applied Bollinger Bands indicator. Consequently, this has attracted the attention of headwinds, and a significant downward correction has occurred in today’s trading activities. Despite the downward correction, we can see that the token continues to trade outside the Bollinger Band’s uppermost limit.
Likewise, the Moving Average Convergence Divergence (MACD) indicator lines are still trending upwards above the equilibrium level. In fact, the bars of this indicator are still growing progressively taller above the equilibrium level. All these align to reveal that prices may continue the uptrend.
Uniswap Maintains Upside Focus
As presented by the UNI 4-hour market, it is revealed that price action is facing a serious challenge along its upside path. Since the previous session, as presented by the corresponding price candle, this market has remained in an almost stationary position. Consequently, price action has stayed below the uppermost limit of the Bollinger Bands.
Despite this, the MACD lines continue to trend upward above the equilibrium level. Also, the bars of the same indicator are still bullishly biased, considering where they are appearing and their appearance. Considering technical indicators, we can suggest that price action may still approach the $8.00 mark.
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