Uniswap (UNI) made a strong bullish bounce up to fresh all-time highs of $37.48 at the MA 50 support zone.
*Uniswap (UNI) exploded higher today to all-time highs of $37.48
*Targets for the move remains the $40 psychological level
*Revolut adds Uniswap to its trading platform
Uniswap (UNI) exploded to all-time highs of $37.48 on Apr. 12, spiking above the previous yearly resistance at $36.83. The MA 50 ($29.23) which acted as a strong protective barrier against the downside offered the much-needed support for UNI bullish traction on Apr. 12. The main target for the upside move remains the $40 psychological level if $37.48 breaks. UNI presently trades at $36.8, higher by 19.65% in the last 24 hours and 19.35% on the weekly.
Revolut Adds Uniswap to Trading Platform
London-based digital payments company Revolut recently added eleven new crypto assets, Uniswap inclusive to its banking app. The trading platform now supports Uniswap (UNI).
Recently, details about Uniswap’s next iteration, v3, were made public. With a tentative deployment date set for May 5th, 2021, the third iteration of decentralized exchange Uniswap is amongst the most hyped projects in the crypto space. V3 focuses heavily on making the decentralized exchange as capital efficient as possible.
UNI Daily Chart: Bullish
Since attaining highs of $36.63 on Mar. 23, UNI declined subsequently to enter consolidation. The UNI/USD pair recovered momentum targeting the $40 psychological level after a bullish spike was triggered off the MA 50 ($29.23) during Monday trading. The pickup in the positive sentiment of the short-term oscillators is promoting additional advances with the RSI strengthening in the bullish section, towards the 70 marks.
A break above the $37.48 high would take the UNI/USD pair towards the $40 psychological mark. The region above this barrier remains uncharted, however, the $45 and $50 resistance could come in the spotlight. However, if the UNI price is unable to hold above the $37.48 in the next few sessions, the risk would shift back to the downside targetting the MA 50 support again. If there is a drop below this, the support at $25.58 could come next ahead of $24.19.
UNI 4-Hour Chart: Bullish
UNI started a positive climb from $29.52 low which marks the convergence of the MA 50 and 200. If the UNI price climbs higher than $37.48 then the next level is $40. The next target objective on the upside is the $45 to $50 range. UNI price may return lower after a failed attempt to clear the resistance above $37.48. If sellers retake the wheel and drive the price down, immediate support could be encountered from the former barrier at $32.39 (April. 6 resistance).
The next hardened support may develop from the convergence of the MA 50 and 200 at around $30. Another successful leg down could then hit the $29.13 boundary before traders’ eye shifts towards the support of the ascending trendline at $27.84. In conclusion, UNI positive structure remains intact above the moving averages. Yet, a clear break above $37.48 or below $30 would trigger the next price course of the asset.
Key Levels
Resistance Levels: $50.00, $45.00, $40.00
Support Levels: $29.52, $27.86, $25.61
Image Credit: Tradingview
Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.
