Uniswap token holders (UNI) have many reasons to be happy now.
- Uniswap ranks among the best gainers of cryptocurrencies with a 16.2% price rise over the week
- Although the token currently has a falling channel pattern, it is likely to go on a bullish run.
- Uniswap has the lowest possible support price at $4.8
This digital asset has been one of the top gainers for not just the past 24-hours but also for the seven-day period.
At the time of writing, CoinGecko tracking shows that the token traded at $6.37. It has enjoyed a 12.5% value gain since yesterday’s close and a 16.2% rise in the last week.
Uniswap appears to have a different approach than the other crypto-packs. It seems like it is able to keep its head above water in this time of uncertainty and volatility within the space of digital assets.
This is a strange development considering that the token has been on a downward trend for five weeks.
Also, it is difficult to tell if crypto is actually under pressure.
It is believed to be true by some experts.
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.
This was a falling channel pattern that is characterised by a bullish rally after the break of the overhead trendline.
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The token has seen significant gains in trading, but there’s no guarantee the bullish trend anticipated is happening.
It is evident that the crypto market correction has erased 70% of the gains made by the Uniswap token during the last rally.
This has placed the cryptocurrency at a local support price of $5.27.
Where is the Uniswap token headed?
As of this writing, data indicate that Uniswap token’s hourly trading is on a small range. The trend could continue, and there may be significant movement in its price over the next few 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.
Noting that a bullish rally could easily push Uniswap’s trading price up to $7, it is possible for the token to hit a range of $5 to $5.
Now it’s a wait game for potential buyers, who need to keep an eye out for any pattern breakouts.
Source: TradingView.com| Source: TradingView.com Featured image taken from Cointribune. Chart: TradingView.com