Uniswap Price Watch: UNI Registers 16% Rally In Last 7 Days

Christian Encila

Last Updated: September 27, 2022 8:30 am

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Uniswap (UNI) token holders have plenty of reasons to celebrate now.

Uniswap is among the top gainers among cryptocurrencies, registering a 16.2% price increase over the past week
The token is now on a falling channel pattern but is expected to make a bullish run
Lowest possible support price for Uniswap is $4.8

The digital asset is one of the biggest gainers not only for the last 24 hours, but for the past seven days.

As of this writing, tracking from CoinGecko shows the token is trading at $6.37, enjoying a 12.5% gain in value since same time yesterday and a 16.2% increase for the past week.

Unlike the rest of the crypto pack, the Uniswap token seems to be keeping its head above water during this period of uncertainty and volatility for the digital assets space.

This seems a rather odd development, considering the token was stuck in a steady decline during the past five weeks.

It also makes it a bit difficult to assess whether or not the crypto is under any kind of pressure.

Some experts feel it is.

Uniswap On A Falling Channel Pattern

The five weeks that was mentioned earlier when Uniswap token was on a decline isn’t just a simple “period of red” for the crypto.

It was a falling channel pattern which is characterized by a bullish rally following the breaking of the overhead trend line.

Source: TradingView

While the token is enjoying significant gains with its current trading price, there is no clear guarantee that the anticipated bullish trend is already happening.

What is clear though is that 70% of all the gains the Uniswap token have made during its last recovery rally was obliterated by the recent crypto market correction.

It has put the cryptocurrency in a position where local support price stood at $5.27.

Where Is Uniswap Token Headed?

As of this writing, data indicate that Uniswap token’s hourly trading is on a small range. If the trend continues, there could be strong movement on its price on the coming days.

The crypto’s support range could consolidate at $5.00 to $4.8 while its resistance level could be seen to be from $6.9 to $8.1.

In crypto space, “support” refers to the level at which an asset’s price stops falling. “Resistance” refers to the range when an assets price stops increasing.

It is important to note that while a bullish rally can easily put Uniswap trading price to the $7 mark, the token is also at risk of hitting a price range below $5.

With that, it is now a waiting game for interested buyers who should keep a sharp eye for the pattern breakout.

UNI total market cap at $4.9 billion on the daily chart | Source: TradingView.com

Featured image from Cointribune, Chart: TradingView.com

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.