- Uniswap price has been on an uptrend since March 12, soaring 17% to $6.374.
- UNI could break past the 200-day EMA at $6.581 and tag the $7.212 resistance level.
- A daily candlestick close below the support confluence at $6.294 could invalidate the thesis.
Uniswap price (UNI) has been trading with a bullish bias since March 12, a correction influenced by traders flocking to the decentralized exchange (DEX) to trade USDC for other digital assets like UNI. The influx caused a massive surge in trading volume, contributing to a revenue increase while catalyzing a recovery rally. Traders exchanging USDC dominated almost 55% of the trade on Uniswap DEX. The uptrend was bolstered by the US Federal Reserve's announcement of a new bank lending facility, inspiring investors' confidence.
@federalreserve @USTreasury @FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe: https://t.co/YISeTdFPrO
— Federal Reserve (@federalreserve) March 12, 2023
Uniswap price soars on US CPI report
Uniswap price, like Bitcoin (BTC) and other tokens in the crypto playing field, has reacted positively to the latest US CPI report. The data came in at an expected 6.0% from a year ago, causing a sigh of relief from Wall Street, where many braced for a negative surprise.
BREAKING: CPI 6.0%
— Bitcoin Magazine (@BitcoinMagazine) March 14, 2023
An increase in buying pressure from current levels could extend UNI's upward trajectory as Uniswap price confronted the immediate resistance due to the 50-day Exponential Moving Average (EMA) at $6.362.
Past the hurdle mentioned above, Uniswap price could tag the resistance level due to the 200-day EMA of $6.581 or, in highly ambitious cases, ascend to battle the barrier at the $7.212 resistance level. This level was last tested on February 21, and tagging it would constitute a 13.45% increase from current levels.
UNI/USDT 1-day chart
On the flipside, if profit takers act now, Uniswap price could abandon the rebound rally and correct downward. Such a move would see UNI lose the immediate support due to the 100-day EMA at $6.318. In desperate cases, it could drop below the support confluence between the horizontal line and the ascending trendline of the V-shape formation at $6.294. A daily candlestick close below this level would invalidate the bullish thesis.
Further south, Uniswap price could descend to tag the $5.907 support level or, in extreme cases, revisit the $5.373 swing low where the latest rally sprouted. The descent would denote a 15.62% drop from current levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.