The cryptocurrency market’s movement over the past couple of days has left a lot of investors scratching their heads. After a week of bearish dips, the ecosystem seems to have broken its pattern of stagnant price actions. Uniswap [UNI] was one of the tokens leading the bullish charge with double-digit gains in the weekly spectrum.
Uniswap’s hourly performance allowed the crypto to overtake Terra on the chart with the token now holding 11th place. At the time of writing, UNI was trading for $24.85 as the market cap climbed to $15.3 billion. The 8 percent hourly climb also spurred the daily volume to clock a mighty $646.46 million.
Uniswap 1 hour:
In the short term, Uniswap tended to form a valley after the dip and rise. The immediate support was calculated at $21.6 which was protected after the latest price hike. As Uniswap moved on the charts, it was important to keep a tab on the rising user base.
Parabolic SAR: The last 3 markers stayed below the price candles, indicating a shift in the sudden hike. This comes after a 48-hour shift where the Uniswap sided with the bull.
Relative Strength Index: Uniswap’s RSI fell back into the trading threshold after staying above the overbought zone for a day. The cryptocurrency’s September 13th hold was its highest point this month.
Bollinger band: Both the upper and lower band converged towards each other after the formation of a Bollinger cloud. The red candles continued to stay in the cloud as the price settled.
Uniswap 1 day:
The long-term support was at $14.3 with the graph struggling to hit its ATH formed in May. Uniswap’s latest green candle allowed it to climb from the throes of a bear pit.
Relative Strength Index: The RSI hit the midway point between the oversold zone and the overbought zone. This meant that the number of users selling their tokens and HODLing their tokens was almost equal.
Bollinger bands: In the long run, UNI’s bands diverged to form the start of a significant Bollinger cloud.
Parabolic SAR: All the markers from the past couple of days stayed below the candles as Uniswap’s momentum shifted downwards. As it stands, the markers pointed to hold on to the cryptocurrency making any massive surges.
Uniswap and the rest of the market were still in the midst of recovery after taking a beating for days. One striking thing about the hike was that the altcoins were performing better than the bigwigs.