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Uniswap [UN] displays recovery hints despite inching closer to support below $20

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The cryptocurrency market continued to struggle for an upward break. Popular DeFi token, Uniswap [UNI] also faced bearish pressure along with several top coins. Currently, the lower levels have continued to attract significant buying activity from the traders.

Owing to the market fall this week, the tenth-largest crypto-asset by market cap, UNI found itself inching closer to an important support level. It will be now interesting to see if the incoming volatility in the market manages to invalidate the bearish impetus.

Uniswap [UNI] noted a minor uptick of almost 1% over the past 24-hours and recorded a trading volume of $615 million. It was currently priced at $23.51 while holding a market cap of $13.55 billion, at the time of writing.

Uniswap [UNI] Daily Price Chart:

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The recent market as displayed in the above Uniswap’s daily chart was indicative that bulls are far away. The placement of moving averages was also a cause of worry. Firstly, both the DMAs were hovering above the UNI price candles thereby resisting an upward price action. In addition, the 50 DMA [Pink] and the 100 DMA [blue] now appeared to be heading for a bearish crossover in the coming days which could trigger the price to spiral down even more.

UNI’s volume, however, remained moderate which could provide the coin with necessary support in case the price goes downhill.

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The dotted markers of Parabolic SAR below the UNI price candles gave some hope of bullish revival in the coin market that is at a crucial stage. The Chaikin Money Flow [CMF] also surged notably demonstrating a strong case of inflow of capital in the UNI market which could aid in price appreciation.

The RSI, however, depicted a grim picture of increasing sell pressure in the market and falling buying sentiment.

If the Uniswap bulls thrust the price above the current level, the momentum could pick up which could suggest a move towards the resistance levels of $34.26 and $43.17 after breaching the DMAs.

Conversely, if the price turns down yet again, it will further validate that market participants are offloading their tokens on rallies. In this case, the support levels of $16.81 could come into play, But if Uniswap fails to defend level, losses could trigger a fall to $7.48, a level last seen in the first week of the year.

Will Uniswap [UNI] break rangebound action to soar above $30?

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The cryptocurrency market has gathered steam over the past day. Uniswap [UNI] has closely followed the trend to amplify its weekly gains to nearly 6%.

Since the crash on the 19th of May, the digital asset shed the gains it made during the rallies in the first quarter of the year. It fell right back in early February levels. However, the UNI bulls are again trying to push the price above a crucial point of resistance as the market hinted at a recovery.

After posting gains worth 5.12% over the past 24-hours, Uniswap [UNI] was exchanging hands at $28.74. The defi token registered a market cap of $16.16 billion. and a 24-hour trading volume of $563 million.

Uniswap [UNI] Daily Price Chart:

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After a steep fall, Uniswap [UNI] began to oscillate within a tight range and a consistent upper ceiling, which, if broken, could be instrumental for the token. Both the moving averages hovered above the UNI candles.

The gauge between the two appeared to decrease, as such the 50 DMA [Pink] declined mildly towards the 100 DMA [Blue]. The latter remained pretty steady. Hence, if a bearish crossover transpires, it would be damaging for the price of UNI in the near term.

Uniswap’s moderate volume, however, could aid in pushing the price upward.

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The Parabolic SAR’s dotted markers moved below the candlesticks and pictured an uptrend for the defi coin. The building up of a bullish momentum was depicted by the green closing bars of Awesome Oscillator.

RSI was still below the 50-median line and the buying pressure has been rising but very slowly.

If the UNI/USD pair turns down from the $30-level again but bounces off the immediate support area of $22.22, it would suggest that bulls are accumulating on dips. However, if the lower level is broken, Uniswap could potentially see severe losses and risk a downfall to another support point of $16.8, a level is last seen almost four months ago.

In the case of a strong market momentum leading to a bullish setup, UNI could target resistance levels of $37 and $43 after the surging past the daily moving averages.

Uniswap [UNI] Drops To $24 As Support Cracks After Long Liquidation

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Uniswap [UNI] broke several psychological levels as it fell from grace amidst a massive bloodbath triggered by panic selling. With the latest downswing, UNI extended its weekly loss to 36.10%. The latest Bitcoin and Ethereum capitulation has been damaging for the entire market including the defi tokens.

This evidenced that the large investors of the defi token could have potentially dumped their positions that resulted in the leverage traders bearing the brunt.

Uniswap [UNI] declined by a fresh 22.71% over the past 24-hours which drove its price to $24.51. At the time of writing, the digital asset registered a market cap of $13.48 billion and a 24-hour trading volume of $2.42 billion.

Uniswap [UNI] Daily Price Chart:

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Prior to the crash, Uniswap [UNI] formed an ascending parallel channel which foreshadowed a similar market movement. The pattern has been shaping up since mid-March and broke this week, as the wider crypto market sustained sharp bear rallies.

The moving averages also shifted above the UNI price candles soon after depicting an increasing downside pressure in the coin market. The decreasing gauge between the 50 DMA [Pink] and 100 DMA [Blue] was also worrying as it could be a precursor of a bearish crossover.

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The ultra-bearish technicals on the daily UNI chart indicated selling took place at higher levels.

The rising momentum favoring the bears was depicted by the formation of red closing lines of Awesome Oscillator. The MACD also witnessed an extension to its bearish crossover suggesting a major setback in the buying demand.

In line with this, the RSI dipped below the oversold condition demonstrating a strong selling pressure in the market which cracked several support levels. If the bulls purchase this dip, a relief rally could be in the offing. This rally may face stiff resistance at $30 and then again at the moving averages.

Uniswap’s [UNI] rally may face stiff resistance by the moving averages at $31, $35 as well as the recently established high of $43. Support levels, on the other hand, were found to be at $18.8 and $11.57 respectively.

Ethereum’s Vitalik Buterin: Uniswap’s Native [UNI] Should Become Oracle Token

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Ethereum’s Vitalik Buterin is making a strong case for Uniswap’s native, UNI token.

While talking about the importance of a highly secure price oracle in the success story of the decentralized finance realm, Ethereum Founder Vitalik Buterin went on to point that DeFi protocol, Uniswap’s native token ‘UNI’ is in an “excellent position” to be a token for an oracle.

The Ethereum executive called for the need of a robust token-based decentralized oracle for a deFi project on the Uniswap Governance Forum today. He mentioned that it should be based on a token with a large market capitalization.

Uniswap – Highly Secure Oracle System?

While talking about the importance of efficiency of an oracle, Buterin stated,

“An inefficient oracle can always be augmented with a game where one party claims a value and only if another party disagrees is the oracle actually called. Cost of attack, on the other hand, is absolutely essential to maximize, and thus market cap is key. “

The founder then doubled down on two of the high market cap tokens on Ethereum which are Chainlink [LINK] and Uniswap [UNI].

Buterin asserted that the supporting oracles would not just be an act of “altruism” for Uniswap but would also benefit the decentralized exchange with a stablecoin ecosystem that is strong.

Chainlink has dominated the oracle realm for some time now. However, there is a need for a “simple alternative specialized for high-value”, according to the exec.

Meanwhile, Uniswap v3 has been touted as heavily optimized toward ultra-high capital efficiency for stablecoin, hence, it is likely to draw very high amounts of fee revenue from these trades. He also went on to add that if the volume picks up and the robust synthetic assets surface on-chain, then this would be a more bring about more valuable prospects for Uniswap.

Buterin also stated that while the base layer of Ethereum needs to remain governance-minimalist, layer 2, on the other hand, should be more ambitious and that Uniswap, which happens to be one of the largest decentralized exchange on the Ethereum ecosystem, could also take on more responsibilities which includes price oracle offerings.

According to Buterin, this could be a potential step towards Ethereum’s objective of not just a decentralized finance ecosystem and also an increasingly decentralized governance [DeGov] ecosystem.

Uniswap’s [UNI] Bullish Advances Halts After Soaring Above $38

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Uniswap [UNI] has continued to steal the show and has breached yet another record milestone close to $38 as it soared above the previous yearly resistance at $36.83 before undergoing a minor pullback.

The crypto-asset’s swing to an all time high was accompanied by the high volatility triggering high volume after consolidating days after above $30.

Uniswap [UNI] rose by 9.34% over the past 24-hours which drove its price to $35.02. At the time of writing, the DeFi token registered a market cap of $18,29 billion and a 24-hour trading volume of $2.35 billion.

Uniswap [UNI] Daily Price Chart:

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Uniswap was strongly bullish. The already upsloping 50 DMA [Pink] rose closer to the UNI candles following the market-wide correction in the second week of March after attaining highs above $36. Soon after this, the digital asset declined subsequently to enter consolidation before making a strong bullish bounce up to fresh all-time highs. The price of the DeFi token has now surged well above the moving average depicting a rising bullish sentiment in the market.

Meanwhile, the 100 DMA [Blue] continued to remain the 50 DMA as well as the UNI candles.

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Despite a low volume, the closing green bars of Awesome Oscillator depicted a return in the bullish momentum. The MACD also underwent a bullish crossover indicating a momentum that favored the buyers along with high volatility.

The RSI, on the other hand, turned down before reaching the overbought zone and was now found a little over the 61-mark. This indicated that the market has not exhausted the bullish trend yet and there is still room left to march up towards uncharted territory as the sentiment of buying pressure remained undeterred in the UNI market.

As observed from the above charts, the $36.6 is a short-term resistance level of significance before Uniswap climbs to higher levels in the near future. The 50 DMA acted as a strong protective barrier against the downside near $30 level. Other points of support were found at $26.4 and $22.25 respectively.

Uniswap [UNI] Tilts In Favor Of Bulls; Eyes $34-Hurdle

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Uniswap [UNI] became the first token to first decentralized finance [DeFi token to enter the list of top 10 cryptocurrencies by market cap. While retaining its fort, the token has managed to rake in profits of nearly 12% over the past week.

The DeFi token was found to be consolidating below the crucial level of resistance as volatility took a plunge. Despite this, the technicals favored the bulls eyeing to recover the lost gains.

At the time of writing, Uniswap [UNI] was currently exchanging hands at $31.24 as it held a market cap of $16.31 billion. Over the last 24-hours, it was down by 1.92% after recording a trading volume of $608.2 million over the same period.

Uniswap [UNI] Daily Price Chart:

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Uniswap [UNI] has maintained a steady upward trend after faltering in mid-March and testing support below $30-mark. During this time, the UNI bulls faced the upward sloping 50 DMA [Pink] which attempted to move over the UNI candles. However, the renewed bullish push ensured that the candlestick arrangements hovered above the moving average.

The 100 DMA [Blue], on the other hand, continued to float well below the 50 DMA depicting bullish presence in the market.

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The formation of small green closing bars of the Awesome Oscillator depicted a subtle rise in bullish momentum for Uniswap’s price.

Despite low volatility, the buying demand was slowly building up. This was depicted by the MACD which also appeared to be heading for a bullish crossover nearly three weeks of stint with the bears. In addition, the RSI above the 54-mark indicated a sentiment of growing buying pressure from the investors in the UNI market.

The moving averages had failed to sink the price of Uniswap lower as it continued to clench steady gains. If the bulls succeed in pushing the DeFi token higher, target points that could be breached are $32.9, and $34.2 respectively. Support points for the token, on the other hand, were found to be at $27.9 and $22.4 respectively.

Uniswap [UNII] Endures A Steep Fall After Recording An ATH Of $36

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A reversal of trend was noted in the crypto market. However, coins like Uniswap [UNI] and XRP continued walking downhill. But all the other assets were seen on an uptrend. Bitcoin [BTC] was trying to find a way back over $60K. Binance coin [BNB], as well as Tether [USDT], were still fighting for a spot as the third-largest cryptocurrency. Additionally, the overall market cap of the crypto industry was recorded at $1.76 trillion.

Uniswap [UNI] found a way back into the top ten. At the time of writing, UNI was spotted in the eighth position. The market cap of the altcoin was $16.26 billion. The price of the asset was seen in the red sea. During press time, UNI was trading for $31.56 with a 4.80% drop in the last 24-hours.

Uniswap [UNI] One-Hour Price Chart

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Strong bullish sentiment was found in UNI’s short-term price chart. On the one-hour price chart of UNI, the Bollinger Bands indicator was going in for a convergence. The bands were wide apart all these days indicating an increase in volatility. However, UNI at present was getting closer further intimating poor volatility. The Awesome Oscillator indicator laid out green closing bars suggesting bullish momentum.

The Relative Strength Index indicator was down below the sellers’ zone exhibiting a sellers’ market despite the presence of the bulls.

Uniswap [UNI] One-Day Price Chart

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The one-day price chart of UNI had bears residing in its market. The MACD line slumped below the signal line. This further pointed out that the bears had made an entry during the middle of the month. This bearish crossover was further mirrored by the Klinger Oscillator. The Money Flow Index was also in the sellers’ arena, similar to the one-hour price chart of UNI.

Just yesterday, UNI hit an all-time high of $36.41, however, the bears seemed to have pushed the altcoin back below $35.

Uniswap’s [UNI] Price Risks A Fall Near $25

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Uniswap [UNI] has managed to hold on to the position as the largest DeFi token on the leaderboard. Not just that, UNI has also maintained its spot as the 8th-largest cryptocurrency by market cap, despite amassing a weekly loss of nearly 9%.

After a massive run-up last week, the bulls were attempting to push the tokens’ price back toward several key support points. Several coins along with UNI appeared to have been losing their bullish momentum.

On the 15th of March, the UNI token witnessed fresh losses of 6.48% over the last 24-hours which drove its price all the way to $30.35. It recorded a market cap of $15.8 billion and a 24-hour trading volume of $588.6 million, at the time of writing.

Uniswap [UNI] Daily Chart:

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Uniswap [UNI] has been oscillating between the trendlines of a rising wedge for almost three weeks now. As per convention, the pattern formation is bearish and generally follows a breakout to the negative side. Hence, if a bearish breakout, indeed, transpires, UNI could further drop down from its recently hit peak.

The moving averages, however, remained unfazed, as they continued to hover well below the candlestick arrangement. The 50 DMA [Pink] continued to float above the 100 DMA [Blue] depicting a bullish presence despite the plunge.

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The red closing bars of the Awesome Oscillator depicted a shift towards bearish momentum as Uniswap’s price took a hit. The MACD also sustained a bearish crossover shortly thereafter consistent with the price action suggesting the investors were fiercely selling the local tops.

Despite the buying demand taking a plunge, the RSI, on the other hand, continued to remain above the 50-median line which has acted as a crucial level of support. Notably, UNI has managed to stay afloat above this level of RSI since January and is showing no signs of backing down anytime soon.

While Bitcoin and other top altcoins were hit hard by the latest market-wide crash, selling pressure is yet to intensify for UNI. The DeFi token’s buying demand has decreased but was still above a crucial support.

If the bulls succeed, Uniswap could start the next leg of the uptrend that may reach its nearest resistance of $34.26 and mark new heights. However, if the price breaks below the rising pattern, UNI could witness a slew of connections before testing support at $25.9, $22.2 respectively.

Uniswap [UNI] Briefly Halted By Bears During Its Journey To $40

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As the total crypto market cap was seen aiming for $2 trillion. Several coins including Bitcoin [BTC], Uniswap [UNI], Ethereum [ETH] were aiding this maturity. The entire crypto-verse exerted extreme volatility over the last couple of days. Bitcoin’s retracement pushed the asset down below $47K. Nevertheless, the king coin was back in action as it finally discovered the road back into $50K. Similarly, some of the other coins were noted rekindling bullish sentiments. A few others, however, were still residing in the bearish realm. UNI happened to be one of those coins.

At the time of writing, Uniswap [UNI] was trading for $31.61 with a 7.25% drop in the last 24-hours. Despite this daily drop, the asset managed to score gains of over 21% in the last seven days. The increase in the altcoin’s market cap helped it earn a spot on the top ten.

Uniswap [UNI] One-Hour Price Chart On Kraken

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UNI has been trying to make it past $34 for a while now. The short-term price chart of the altcoin suggested that this destination could take longer than expected. The Bollinger Bands indicator announced limited volatility as the bands were quite close to each other. The Awesome Oscillator indicator affirmed that this insufficient volatility could be beneficial for the asset around this time as the bears were in its market.

Despite, this bearish momentum, the UNI market unveiled a buyers’ sentiment, the Money Flow Index indicator announced.

Uniswap [UNI] One-Day Price Chart On Kraken

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The one-day price chart of UNI affirmed that the asset could move beyond its all-time high of $34. The Parabolic SAR indicator designed dotted lines below the candlesticks. This negated the chances of a downtrend as the aforementioned line stood as a support for the asset. The MACD indicator formed a bearish crossover with the MACD line over the signal line.

The Relative Strength Index indicator announced that UNI was recovering from the overbought zone. Yet, a buyers’ sentiment was retained by the altcoin.

Uniswap Still The Top Dog, But SushiSwap Isn’t Far Behind

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Uniswap has held the title of champion for a long time. But what started as a simple fork has evolved into a serious challenger. Yes, we are talking about SushiSwap which has emerged as a potential rival and has grown from just a clone to the third-largest decentralized exchange [DEX].

Originally popped out as a fork of Uniswap v2, SushiSwap was deemed a ‘lost cause’ by several notable market players the platform’s Co-creator ‘Chef Nomi’ dumpped all of his SUSHI tokens on the market for $14 million worth of ETH.

It was not until ‘0xMaki’, who happens to be SushiSwap’s co-founder, took the responsibility to lead the project which helped it to come back on track and exceed other notable decentralized finance [DeFi] platforms.

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Months later, the market’s most popular duo is fighting against odds to retain their respective positions. According to DeFi Pulse, Uniswap was the second-largest DEX in terms of total value locked which was $4.13 billion. SushiSwap, on the other hand, stood at the third spot as mentioned earlier with a TVL of $3.60 billion.

Uniswap Wins But SushiSwap Emerges From The Ashes

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In terms of market share, it is undoubtedly, Uniswap that has a clear lead with a whopping 54.8% trade volume while SushiSwap stands just right behind with 20.8%.

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In addition to that, it was also found that over the past three weeks, Uniswap has averaged daily volume between $700 million and $1.35 billion. Simultaneously, SushiSwap showed an average daily volume of $300 million to $700 million.

Digging deeper, it was also observed that even as Uniswap continued to process twice as much volume as its rival, the monthly trend evidenced that SushiSwap has improved its figures to become a strong competitor.

Both the platforms’ governance token has also reached new all-time highs amid the bull season. What’s even more interesting is that both the DEXs have witnessed their goals diverge despite their controversial entry into the DeFi ecosystem. And while Uniswap still takes a lead, SushiSwap’s growth in the past several months cannot be ignored.