Uniswap: Will this price hurdle end UNI’s bullish streak

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

• Uniswap encountered a well-recognized worth roadblock, stalling its upward momentum.
• On-chain metrics hinted at elevated promoting stress within the quick time period.

Uniswap [UNI] has been on a mazy bullish run, since mid-June. It has persistently flipped resistance ranges to help, as worth continued to make a sequence of upper lows.

Learn Uniswap’s [UNI] Worth Prediction 2023-2024

Regardless of the current market downturn occasioned by Bitcoin [BTC] dipping to $29k, Uniswap has maintained its uptrend. Nonetheless, a important worth degree stands in the best way of bulls. Will this degree usher in bears once more or can bulls clear this impediment?

UNI’s bullish rally hits a well-recognized impediment

Supply: UNI/USDT on Buying and selling View

After breaking the decrease low in early July and flipping Uniswap bullish on the 12-hour timeframe, patrons registered 35% positive factors to strengthen the bullish momentum. This noticed UNI fully reverse all its Might and June losses.

Whatever the sturdy bullish momentum, a key worth degree has offered a big hurdle for patrons. A glance southward confirmed that $6.37 resistance degree ushered in bearish momentum in mid-April.

The primary bullish try and take the extent on 21 July was unsuccessful with bulls having to regroup on the close by help degree of $5.72. A re-attempt on 30 July introduced success, though short-lived. A take a look at the on-chart indicators steered sturdy promoting stress lay for Uniswap on the $6.37 degree.

The Relative Power Index (RSI) skilled a pointy drop from the overbought degree to impartial 50 over a 24-hour interval. The Transferring Common Convergence Divergence (MACD) responded with a bearish crossover, despite the fact that the Transferring Averages stayed above the zero mark.

A continuation of the sharp worth drop may see bulls try and rebound from the $5.72 help degree. Nonetheless, if the promoting stress breaks under the help degree, it might invalidate the bullish rebound thesis from the help degree.

How a lot are 1,10,100 UNIs value at this time?

Spike in trade influx may speed up UNI worth dip

Supply: Santiment

The sharp rise in trade influx hinted at elevated promoting stress for Uniswap. Per Santiment, the spike in inflows to exchanges on 2 Aug mirrored on the numerous worth drop inside the identical interval.

Equally, the 7d Market Worth to Realized Worth (MVRV) ratio noticed a pointy decline. This hinted at profit-taking strikes by market speculators. Collectively, they signaled a rise within the short-term promoting stress.