Key Insights
- Uniswap is currently facing mounting bearish pressure as the sellers have started to push the altcoin downwards.
- In terms of price action, Uniswap is one of the most stable altcoins and has been green consistently, sometimes even during the darkest days of the current crypto winter.
- Uniswap is one of the best-performing altcoins this week and is up 8.8% over the last week at the time of writing.
This week has been fruitful for the crypto market, particularly the altcoins. Over the last few days, Bitcoin has gained as much as 6%, Ethereum has gained 17%, and other top altcoins like Dogecoin have even gained close to 25% in the last seven days.
Uniswap is one of the best-performing altcoins this week and is up 8.8% over the last week at the time of writing.
In terms of price action, Uniswap is one of the most stable altcoins and has been green consistently, sometimes even during the darkest days of the current crypto winter.
Uniswap is currently facing mounting bearish pressure as the sellers have started to push the altcoin downwards. However, as you will soon see, UNI is bullish in the long term and may make even more explosive gains in the coming weeks.
Uniswap Price In an Ascending Channel
Since late September, UNI has been in an ascending channel, ranging between the $5.12 and $7 mark.
This week’s bullish streak that swept across the market caused explosive gains on several cryptocurrencies, including Uniswap.
At the end of last week, UNI completed its retracement and retest of the lower support of its ascending channel. And while the bulls started to gather their strength, the UNI consolidated around the $6 mark throughout the weekend.
This week, however, following the market’s sudden bullishness, Uniswap started to rise. The bulls managed to push the price of the cryptocurrency up and above the minor $6.6 resistance to the $7 mark.
After hitting $7, UNI has reversed and now appears to be trending downwards to the lower resistance of the channel.
However, from a different perspective, UNI now appears to form an ascending channel.
Uniswap (UNI) Price Analysis
Ascending channels are highly bullish patterns. This formation on the Uniswap charts may be the catalyst that pushes the price action of UNI to the $10 mark.
According to the formation on the chart above, Uniswap is likely to retest the $6.3 zone and then consolidate for the next few weeks before a possible move to the upside.
The RSI on the daily chart also shows relatively stable conditions under slightly overbought territory. The RSI signal line and the MACD line appear to be on the verge of a bearish crossover, indicating that UNI may fall slightly in a retest of the $6.3 zone as it consolidates and prepares for a move to the upside.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
