Uniswap Coin’s Bullish Trajectory Sets UNI To Breach $7 Level – Time To Buy?

Christian Encila

2 years ago

2 mins read

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Upward trends in price charts bode well for Uniswap. CoinGecko reports that over the past 30 days, the token’s value has increased by 17.6 percent. The currency appreciated by 6.5% in value throughout the course of the week.

As of this writing, UNI is still in an uptrend, and there are indications that the bullish momentum will continue, pushing the price of UNI into or over the $7 barrier mark.

UNI’s gains are only one example of the several cryptocurrencies that took advantage of the market turmoil caused by the recent CPI report.

Is the market getting carried away with its optimism, or can UNI’s positive momentum continue to the $7 resistance level?

The Unicorn Spell

CryptoQuant reports that the token’s exchange reserve numbers are on the rise. That people are getting ready to sell again is a gloomy sign.

During the September 21st UNI rally, the coin was rejected at the $7 price resistance level, providing evidence of this phenomenon.

Currently, the momentum indicator is at 0.062. This is barely above the 0 line of neutrality. The RSI indicator currently rests at 52.61 and 50.24 correspondingly, indicating a deceleration.

Even though the token’s movement is slowing, its predominant adherence to the XABCD shape may indicate more bullishness. However, the token has met a roadblock in its quest towards the $7 price area.

The recent rejection of the token at $6.774 will present a difficulty in the coming days.

Has The Adjustment Phase Begun?

Chaikin’s money flow indicator shows that the bulls continue to control the market. At a value of 0.02, the bulls can use this to generate more momentum and eventually push the price towards $7.

However, if bears seize control of the market, the $5.993 support line is their greatest defense against a possible reversal.

Market corrections are typical for both stocks and cryptocurrencies. As a result of the rising level of foreign exchange reserves, investors and traders should be prepared for potential volatility in the next days or weeks.

UNI market cap at $4.8 billion on the daily chart | Featured image from Forkast, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.