The Uniswap price, after trading in a consolidated range for over a week has displayed a massive price action within the past few hours. The UNI price has recorded a jump of over 72% in valuation, making it the top gainer of the day in the crypto industry.
The surge was recorded following the news of the Uniswap Foundation’s discussion on an upgrade that will upgrade the Uniswap Protocol Governance, resulting in its fee mechanism rewarding its UNI token holders.
UNI Coin Price Displays Massive Price Action!
The Uniswap price traded in a closed range between $5.674 and $6.261 for a brief period, following which the bulls gained momentum and broke out of the resistance level. However, the rally was short-lived as it faced rejection at $6.891, after which the price displayed a neutral trend for over a week.
As the market volatility grew, the UNI price jumped over 11.50%, after which the price traded in a consolidated range between $6.891 and $8.053 for the next seven days.
Recently, the Uniswap coin recorded a massive jump of 72%, following which it faced rejection at $12.556. Since then, the price has displayed a constant cool-off in the price action.
The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating a massive rise in the buying pressure in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.
Will Uniswap Reach $100?
If the market pushes the price above the resistance level of $12.556, the bulls will regain momentum and prepare to test its upper resistance level of $14.
Maintaining the price at that level will set the stage for the UNI coin price to attempt to test its upper limit of $15.5 over the weekend.
Conversely, if a trend reversal occurs, Unicoin will lose momentum and fall to test its support level of $11.399. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its lower support level of $8.50 this month.
Credit: Source link