Uniswap [UNI] has continued to steal the show and has breached yet another record milestone close to $38 as it soared above the previous yearly resistance at $36.83 before undergoing a minor pullback.
The crypto-asset’s swing to an all time high was accompanied by the high volatility triggering high volume after consolidating days after above $30.
Uniswap [UNI] rose by 9.34% over the past 24-hours which drove its price to $35.02. At the time of writing, the DeFi token registered a market cap of $18,29 billion and a 24-hour trading volume of $2.35 billion.
Uniswap [UNI] Daily Price Chart:
Uniswap was strongly bullish. The already upsloping 50 DMA [Pink] rose closer to the UNI candles following the market-wide correction in the second week of March after attaining highs above $36. Soon after this, the digital asset declined subsequently to enter consolidation before making a strong bullish bounce up to fresh all-time highs. The price of the DeFi token has now surged well above the moving average depicting a rising bullish sentiment in the market.
Meanwhile, the 100 DMA [Blue] continued to remain the 50 DMA as well as the UNI candles.
Despite a low volume, the closing green bars of Awesome Oscillator depicted a return in the bullish momentum. The MACD also underwent a bullish crossover indicating a momentum that favored the buyers along with high volatility.
The RSI, on the other hand, turned down before reaching the overbought zone and was now found a little over the 61-mark. This indicated that the market has not exhausted the bullish trend yet and there is still room left to march up towards uncharted territory as the sentiment of buying pressure remained undeterred in the UNI market.
As observed from the above charts, the $36.6 is a short-term resistance level of significance before Uniswap climbs to higher levels in the near future. The 50 DMA acted as a strong protective barrier against the downside near $30 level. Other points of support were found at $26.4 and $22.25 respectively.