UNI\/USD<\/a>, TradingView<\/figcaption><\/figure>\nSince the 19 May crash, Uniswap has tested its support zone of $13-15 thrice. On each occasion, the price managed to rebound and saw a tremendous surge in value- the most latest one being a 51% rally once UNI touched this defensive area on 26 June. Nevertheless, its rise has always been restricted within the upper boundary of its up-channel and selling pressure has soon followed.<\/p>\n
50-SMA key moving forward?\u00a0<\/strong><\/p>\nThe 50-SMA (yellow) has run bearish for a period of over two months and has prevented upside in the market. The moving average also coincided with UNI’s upper trendline and resistance zone of $19.55-$20. Hence, an argument can be made that a successful close above the 50-SMA would trigger an upwards breakout from the pattern and push prices towards their 7 July swing high of $23.4. This would indicate a rise of 17% from its press time level. Conversely, a minor dip could be crunched at $18 and UNI’s 20-SMA (red).<\/p>\n
Reasoning\u00a0<\/strong><\/p>\nThe Relative Strength Index did climb above 50 but there was some resistance till 55. A close eye must be kept on this indicator as a move above 55 would denote a strengthening uptrend in the market. The Directional Movement Index had already registered a bullish crossover as the +DI rose above the -DI. This was an indication of bullish trend switch. MACD line was close to a move above equilibrium while its histogram noted the buildup of bullish momentum.<\/p>\n
Conclusion\u00a0<\/strong><\/p>\nUniswap eyed crucial developments over the next 24 hours that could dictate chances of an extended rally. A close above 50-SMA and $20 could spur additional buying and lift prices towards $23.44. Traders can long UNI at its press time level and take-profit at $23.4 although a safer bet would be to wait for a breakout confirmation before entering a position.<\/p>\n","protected":false},"excerpt":{"rendered":"
Taking heart from Bitcoin’s rebound from $30,000, Uniswap has been steadily rising over the past few days. In fact, gains have accumulated to over 40% in the last five days and a crucial breakout is all that separated UNI from an extended rally. At the time of writing, UNI traded at $19.78 and held theContinue reading “This is the only thing separating Uniswap from an extended rally”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":173299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-173282","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nThis is the only thing separating Uniswap from an extended rally - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Taking heart from Bitcoin's rebound from $30,000, Uniswap has been steadily rising over the past few days. 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<\/a>