Uniswap’s [UNI] bullish trend slowed down as Solana [SOL] flipped the digital asset after a staggering rally. As a result, the former’s weekly losses increased to 8.91%. UNI’s tryst above the $30 remained rather short-lived as it resumed a downtrend after reaching a three-month price level. The volatility in the market has decreased putting into perspective the fading momentum in the market as it struggled to find a stable foothold.
Over the past 24-hours, Uniswap [UNI] was down by 1.11% and was currently priced at $25.96. At the time of writing, the digital asset registered a market cap of $15.22 billion and a 24-hour trading volume of $517 million.
Uniswap [UNI] Daily Price Chart:
Along with the volatility in the market, the volume also picked up the pace as price went on a recovery mode. But technicals went downhill after the price fell below the 200 DMA [Yellow] and neared the other two. The upward-sloping 50 DMA [Pink] was now eyeing for a potential bullish crossover with the 100 DMA [Blue] which was nearing the UNI price candles. If this materializes, the token is likely to an extended rally. However, if the UNI falls below the rest of the moving averages, UNI risks damaging market turn towards its yearly lows.
The decreasing red closing bars of Awesome Oscillator [AO] evidenced a weak but bearish momentum in the coin market. The MACD also flipped bearish crossover which further indicated a slump in the buying demand. The Relative Strength Index [RSI] was flirting with the 50-median line, which, if breached, could intensify massive sell pressure in the market.
The nearest resistance for Uniswap was found at $30.54. If the asset breaks this level, other crucial levels such as $40.5 and $43.3 will come into play. The support points, on the other hand, stood at $21.4, and $14.5.