Uniswap (UNI) Rebounds Upward as BTC Crashes Below the $70,000 Support

The Uniswap token has emerged as the second most profitable token of the day at the time of writing. This shift occurred at a time when many might have expected the downward retracement to continue as Bitcoin dips below the $70,000 price level. Consequently, this has helped the token to maintain trading within an upward-sloping price channel.

Uniswap Statistics:
Uniswap Price: $7.77
UNI Capitalization: $4.63B
UNI Circulating Supply: 600.43M
Uniswap Total Supply: 1B
UNI CoinMarketCap Rank: 22

Key Price Levels:
Resistance: $8.00, $9.00, $10.00
Support: $7.00, $6.00, $5.00

Uniswap Price Action Bounces Back to Maintain Upward Trajectory

Today’s trading session in the UNI/USDT market has taken an interesting turn. The market has seen a moderate upside retracement when most participants might have expected a further price decline. Additionally, the price candle presenting the upside rebound appeared below the 20- and 200-day Moving Average (MA) curves.

The previous session had shown a sharp decline, returning the market to trade below the $8.00 mark. The Stochastic Relative Strength Index (RSI) indicator has just performed a downward crossover above the 50 level. However, for the rebound to gain reliable momentum, it would need to cross above all the MA curves.

UNI/USDT Market Shows Some Bullish Consistency

In the Uniswap 4-hour market, buyers have shown some consistency, keeping them in the lead for three consecutive sessions. The last price candle on the chart stands between the 20- and 50-day MA lines, positioning the market between price candles below and above. Meanwhile, the Stochastic RSI lines are rising from the oversold region.

However, a close examination of the 50-day MA line suggests it acts as resistance to upside retracement, as the last price candle shows an upper shadow. Nevertheless, indications suggest that the upside retracement could extend further. Therefore, traders might use crypto signals targeting the $8.20 price level for moderate gains. However, traders can wait for price action to rise past the 50-day MA before going long.

Start using a world-class auto trading solution.