Price action in the Uniswap daily market has been able to break the free fall as the token prints a minimal upside correction in the ongoing session. However, the market hasn’t made much progress since then.
UNI Statistics:
Current Uniswap Value: $7.10
UNI Market Cap: $4,251,918,616
Uniswap Circulating Supply: 598,736,140
UNI Total Supply: 1,000,000,000
Uniswap CoinMarketCap Rank: 23
Key Price Levels:
Resistance: $7.20, $7.60, and $8.00
Support: $7.00, $6.60, and $6.20
Uniswap Bullish Hopes Kindled Above the 78.60 Fibonacci Retracement Level
Over the past eleven trading sessions in the UNI market, price activity has descended very quickly towards lower support levels. The bearish momentum has been quite strong and has kept the market below the Guppy Multiple Moving Average (GMMA) lines.
Likewise, the Moving Average Convergence Divergence (MACD) indicator lines have fallen below the equilibrium level. However, the bars of the MACD show that downward momentum is declining, as they appear pale ever since price action contracted off the $6.00 support level. As a result, bullish crypto signals might prove useful shortly.
UNI Bulls Are Weak but Hopeful
Price action in the Uniswap 4-hour market has maintained an upside path. Following the initial bounce off the 78.60 Fibonacci Retracement Level, a new session has begun and remains under the control of buyers. Also, price activity can be seen surpassing the green lines of the GMMA indicator lines.
Simultaneously, the MACD indicator lines are now rising upward and toward the equilibrium level. The bars of the indicator can be seen appearing green above the equilibrium point. This suggests that the market will keep rising; however, the magnitude of the volatility suggests that the market may only approach the $8.00 mark in the meantime.
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