After a week of staggering price action, Uniswap [UNI] seems to be faltering close to its respective overhead resistance level along with several top crypto-assets. UNI finally broke free from the two major levels as its 7-day gains stood at 11.04%.
The volatility in the cryptocurrency market noted a slight uptick after weeks of remaining suck inside an uneventful consolidation range. The DeFi token has been on a clear uptrend since the 21st of July.
As it reached a crucial resistance level, Uniswap [UNI] noted a decline of 1.22% over the past day which drove the price to $22.03. At the time of writing, the digital asset recorded a market cap of $12.89 billion and a 24-hour trading volume of $502 million.
Uniswap [UNI] Daily Price Chart:
The daily moving averages have been serving as a major opposing force that has prevented a move higher. Following the latest uptrend, the UNI candle pierced through the 50 DMA [Pink]. The 100 DMA [Blue] and the 200 DMA [Yellow] were currently undergoing a bearish crossover which could stall the positive sentiment in the coin market.
The moderate volume could potentially the back UNI and push the price.
The Chaikin Money Flow [CMF] spiked above the zero-line after more than a fortnight which depicted the flow of money into the coin market and hence an overall bullish trend. The Klinger Oscillator [KO], on the other hand, appeared to be on the verge of breaking down towards the negative. Besides, the Relative Strength Index [RSI], was heading close to the extreme overbought conditions that were last seen before mid-May.
If Uniswap breaks above the $25-level, resistance levels of $29.45 and $37.8 could come into play. However, a decisive close below the support floor set up by the 50 DMA at $19 could confirm the shift in trend to bearish. Such a move will pave the way for a $14.54 foothold.