The cryptocurrency market has gathered steam over the past day. Uniswap [UNI] has closely followed the trend to amplify its weekly gains to nearly 6%.
Since the crash on the 19th of May, the digital asset shed the gains it made during the rallies in the first quarter of the year. It fell right back in early February levels. However, the UNI bulls are again trying to push the price above a crucial point of resistance as the market hinted at a recovery.
After posting gains worth 5.12% over the past 24-hours, Uniswap [UNI] was exchanging hands at $28.74. The defi token registered a market cap of $16.16 billion. and a 24-hour trading volume of $563 million.
Uniswap [UNI] Daily Price Chart:
After a steep fall, Uniswap [UNI] began to oscillate within a tight range and a consistent upper ceiling, which, if broken, could be instrumental for the token. Both the moving averages hovered above the UNI candles.
The gauge between the two appeared to decrease, as such the 50 DMA [Pink] declined mildly towards the 100 DMA [Blue]. The latter remained pretty steady. Hence, if a bearish crossover transpires, it would be damaging for the price of UNI in the near term.
Uniswap’s moderate volume, however, could aid in pushing the price upward.
The Parabolic SAR’s dotted markers moved below the candlesticks and pictured an uptrend for the defi coin. The building up of a bullish momentum was depicted by the green closing bars of Awesome Oscillator.
RSI was still below the 50-median line and the buying pressure has been rising but very slowly.
If the UNI/USD pair turns down from the $30-level again but bounces off the immediate support area of $22.22, it would suggest that bulls are accumulating on dips. However, if the lower level is broken, Uniswap could potentially see severe losses and risk a downfall to another support point of $16.8, a level is last seen almost four months ago.
In the case of a strong market momentum leading to a bullish setup, UNI could target resistance levels of $37 and $43 after the surging past the daily moving averages.