A critical price level stands in the way of Uniswap bulls. It would be interesting to watch how bulls play this out.
dipping to $29k, Uniswap has maintained its uptrend. However, a critical price level stands in the way of bulls. Will this level usher in bears again or can bulls clear this obstacle?After breaking the lower low in early July and flipping Uniswap bullish on the 12-hour timeframe, buyers registered 35% gains to reinforce the bullish momentum. This saw UNI completely reverse all its May and June losses.
Regardless of the strong bullish momentum, a key price level has presented a significant hurdle for buyers. A look southward showed that $6.37 resistance level ushered in bearish momentum in mid-April. The first bullish attempt to take the level on 21 July was unsuccessful with bulls having to regroup at the nearby support level of $5.72. A re-attempt on 30 July brought success, although short-lived. A look at the on-chart indicators suggested strong selling pressure lay for Uniswap at the $6.37 level.
The Relative Strength Index experienced a sharp drop from the overbought level to neutral 50 over a 24-hour period. The Moving Average Convergence Divergence responded with a bearish crossover, even though the Moving Averages stayed above the zero mark. A continuation of the sharp price drop could see bulls attempt to rebound from the $5.72 support level. However, if the selling pressure breaks below the support level, it would invalidate the bullish rebound thesis from the support level.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Uniswap logs low trading volumes, but just on this networkUniswap is a leading DEX on the Ethereum network, but the recent decline in its volume has raised questions about the ecosystem and its token.
Read more »
Ethereum: One more reason to invest in ETH as it outperforms BTC in JulyEthereum price movement turned out to be better than Bitcoin's over the last month. Despite declining price, addresses continued to accumulate ETH.
Read more »
Calgary real estate market has busiest July on record as benchmark price jumps againCalgary\u0027s real estate market had its busiest July ever and benchmark prices increased for a 7th consecutive month. Find out more.
Read more »
Calgary real estate market has busiest July on record as benchmark price jumps againCalgary\u0027s real estate market had its busiest July ever and benchmark prices increased for a 7th consecutive month. Find out more.
Read more »
How Ethereum remains profitable even as prices stagnateProfit taking on ETH transactions climbs despite the sideways movements of its price.
Read more »
Litecoin shows no price reaction as it approaches halving – why?As its third halving event approaches, Litecoin's hashrate climbs to a new all-time high. However, its LTC coin has failed to be positively impacted. Has the halving been priced in?
Read more »