The last few days have been a rumble in the cryptocurrency world with prices shuttling between bullish and bearish zones. Altcoins such as Uniswap performed admirably on the charts with weekly gains surpassing bigwigs such as Bitcoin and Ethereum. Uniswap’s double-digit climb was enough to hold its 10th place on the charts.
At press time, Uniswap was trading for $20.4 with a total market cap of $12.03 billion. The cryptocurrency’s 12.6 percent weekly hike elevated its daily trading volume to $466.94 million. ZebPay Trade Desk also added its two cents on the market by saying:
“Bitcoin (BTC) set foot in familiar territory this week, with a weekend of solid gains that ended in a drawdown. The setting is complex and the ongoing miner migration and its implications on prices have confused many, leading to a fair deal of uncertainty.”
Uniswap 1 hour:
Uniswap’s saved itself from breaking immediate support at $14.5. The last few hours have been heavy hitters for the bear as shown by the price action. The $20 cutoff may become a new support if the bearish pressure does not continue to mound.
Parabolic SAR sided with the bear as the markers stayed above the price candles. This increased pressure may be due to selloffs as registered on the histogram. The Relative Strength Index climbed back into the charts as more users purchased Uniswap tokens. According to the Chaikin Money Flow indicator, the capital entering the Uniswap market had plummeted over the past week.
Uniswap 1 day:
In the long term, Uniswap had gained compared to its performance in mid-June. The immediate support was similar to the hourly chart after the last break on June 18. Relative Strength Index on the daily charts had fallen to the cutoff line as users held off on purchasing.
A reprieve may be in sight as the graph plateaued on Thursday. The CMF moved parallel to the zero line but continued to stay above it. An additional capital influx to avoid the support break would lift the CMF too. Uniswap’s long-term PSAR action was bullish as the markers stayed below the candles.