December 5, 2022

Uniswap Has Emerged As A Strong Gainer After A Chaotic Week

After one hell of a week, the cryptocurrency industry has finally started to show some signs of recovery. The past week’s FTX crash was enough to cause great fear in the entire crypto-verse.

Due to the crash, one of the largest outflows was recorded from the crypto exchanges. The outage has also resulted in a great shift of behavior aimed at cryptocurrency investors.

Finally, after a week after the incident, it seems that the fear aiming the investors is fading. The trading prices of many cryptocurrencies have started to experience surges in the latest trading sessions.

It is an indication that the investors are no longer as afraid as they were in the past week. With the confidence level, if the investors rise, things are looking promising for the cryptocurrencies.

Uniswap (UNI) Gains Strongly

The trading price of UNI has gotten stronger in recent trading sessions. To be exact, the trading price of UNI has been granted strength in the past three consecutive trading sessions.

The latest trading session that saw UNI’s price grow was on November 15. Due to the recent trading session, the trading price of UNI rose significantly.

UNI has even managed to hit a one-week high in the recent trading session.

Price Action of UNI

The price chart shows that on November 15, the trading price of UNI rose to a high of $6.36. A day earlier, the trading price of UNI exhibited a lower value as it stood at $5.83.

Due to the recent rally, the trading price of UNI has come close to hitting $6.45. At the time of writing, it acts as the key resistance level for UNI.

So far, UNI’s trading price has risen to a level higher than what it achieved back on last Tuesday.

Relative Strength Index Supports Bullish Sentiments

Given the recent performance of UNI, most analysts expect it would perform based on the technical indicators.

One of the most credible technical factors is the relative strength index for UNI. It suggests that the price of UNI would continue surging in near future.

This is because the RSI for UNI has been rising and due to the past few days’ performances, it has risen to hit the mid-level.

It is considered the strong resistance level for UNI and if it climbs higher, UNI’s price would follow the indication.

UNI’s Price to Surge over $6.45

If the RSI keeps moving higher, then things would fall in favor of the bulls. They would start pushing UNI’s price higher which would eventually help it cross the resistance level of $6.45.

As UNI crosses the particular level then the bulls may try pushing it to a high of $7.00.