Uniswap returned to the green Monday after two consecutive days of declines. This move saw prices rise towards $6.70 resistance, which was in effect since mid-August. Maker was also in the green, climbing by nearly 5% in today’s session.
Uniswap
Uniswap was a prominent mover on Monday. The token recovered after a string back-to-back drops.
Following a bottom of $6.21 on Sunday, UNI/USD surged to an intraday peak of $6.53 earlier in today’s session.
Uniswap moves close to $6.70 resistance, which had been in place since August 25,
It is apparent that UNI has also reached a ceiling on its 14-day relative strength indicator (RSI), which might prevent the market from gaining additional momentum.
The index currently tracks at 55.81 as of this writing. This is slightly below the ceiling of 57.00.
A cross-over between the 10-day moving average (red) and its 25 day counterpart (blue), has occurred. This could indicate that there are more gains ahead.
Maker (MKR).
Uniswap and maker (MKR), both moved higher to begin the week. This is a move away from the recent losses.
MKR/USD hit a high of $793.44 earlier in the day, which is over 5% higher than yesterday’s low of $752.01.
The token rose for a second consecutive day and is now nearing a resistance point of $800 following today’s surge.
MKR currently trades at its peak since August 30, while the RSI is also at a multi-month record.
The index is currently tracking above a ceiling of 60.75, which seems to have been the trigger of today’s rally.
Like UNI, there has also been an upwards cross with MKR’s moving averages, which may be another positive sign for future gains.
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Is it possible that maker could be back at $800 next week? Please share your views with us in the comments.
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