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:
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.
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.