As the cryptocurrency market rallied to beat the bear, some altcoins took it upon themselves to lead the charge. Uniswap (UNI) was one of the cryptocurrencies climbing rapidly while taking the title of “biggest gainer” in the top 10 cryptocurrency club. As it stands, the 10 largest coin was green ticking at date of 10.6 percent in the daily timeframe.
At press time, Uniswap was trading for $23.09 with a market cap of $13.6 billion. The double-digit climb also elevated the cryptocurrency to a 24-hour trading volume high of $576.8 million. Aside from Uniswap, its nearest competitor Polkadot was also making moves by achieving daily growth of over 10 percent.
Uniswap 1 hour:
The hourly charts painted a bearish picture for the cryptocurrency after a sweltering start to the week. A majority of the indicators pointed to a bearish atmosphere interspersed with bullish gains.
Uniswap’s Bollinger bands moved parallel to each other after a massive price breakout. The formation of the positive Bollinger cloud was one of the few bullish signs for Uniswap. Both the Chaikin Money Flow indicator and RSI crashed to the bottom of their graphs after the last price action. This was a sign of more users selling their tokens while the capital reduces in the Uniswap market.
Uniswap 1 day:
Long-term charts held some good news for Uniswap as some of the aforementioned indicators sided with the bull. While the support was no longer threatened, the price movement still invoked a closer look.
The daily RSI fell sharply yesterday from the overbought zone. Although this still kept Uniswap above the zero level, it occurred at a time when the CMF shot up. Uniswap’s CMF had climbed significantly over the past few days to settle much higher than the zero line. If it maintains its momentum, Uniswap CMF had the chance to touch mid-July highs.
The Bollinger bands here projected a smaller breakout with the upper and lower band diverging from one another.