Uniswap [UNI] has climbed by over 10% in a renewed push from 22nd June. The DeFi token had hit a break that resulted in a major retracement shortly thereafter before continuing the slow uptrend. The price movement comes at a time when the global market cap noted an uptick to $1.42 trillion.
However, as the market witnessed selling pressure intensified near crucial overhead resistances which stalled the bullish streak.
Over the past 24-hours, Uniswap [UNI] appreciated by 4.13% which drove its price to $18.75. The digital asset recorded a market cap of $10.68 billion and a 24-hour trading volume of $365 million, at the time of writing.
Uniswap [UNI] Daily Price Chart:
The bullish impetus appeared to be weakening as Uniswap [UNI] was at a cusp of a death cross. The digital asset had sustained bearish cross in mid-June when the 100 DMA [Blue] moved over the 50 DMA [Pink] as a result of consecutive pullbacks. Currently, the upsloping 200 DMA [Yellow] was headed for a crossover indicating a period of increased bearishness in the coin market.
The low trading volume could further impede the growth of UNI.
The green price candles of Awesome Oscillator [AO] depicted a bullish momentum. However, they appeared to be weakening gradually which could trigger the momentum to go red in the coming days. The Chaikin Money Flow [CMF], on the other hand, rose above the half-line as capital inflow increased in tandem with the increase in UNI’s price action. After weeks of building strength towards the 50 DMA, the RSI was rejected below it suggesting a sentiment of rising selling pressure in the market.
The placement of moving averages and the indicators demonstrated the formation of a local top and the arrival of sellers to seize the opportunity and pocket gains.
Uniswap had so far failed to clear key hurdles. The resistance levels for the asset were at $22.9, $24.14, and $29.3 while its support were found to be at $15.6, and $7.60 respectively.