Uniswap Sets New All-Time High Ahead of Coinbase Public Listing
Coinbase’s public debut this week has drawn numerous investors' attention to DeFi tokens and served to push altcoins higher.
Uniswap (UNI) suffered considerable losses after touching a high of $36.80 on March 23. The DeFi token consolidated around $30 for a long time before setting a new all-time of $38.
However, Coinbase Global Inc.'s public debut this week has directed investors' attention towards cryptocurrencies.
BNB from Binance has risen by 1545.87% since the beginning of 2021. FTT, the native token of FTX exchange, followed by an increase of 825%. HT from Huobi also surged by 415.95%.
Digital assets running on other cryptocurrency exchanges such as decentralized finance exchanges have been on a tear as well.
Uniswap, a decentralized finance protocol that facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain, has grown by 20.93% in the past 24 hours.
According to Coinmarketcap, Uniswap is ranked 8th among cryptocurrencies, with a market capitalization of $18,878,485,071.
Uniswap(UNI) Price analysis
Source:UNI/USD Daily via TradingView
Yesterday Uniswap received a long green bullish candlestick accompanied by an increase in trading volume and broke through the previous resistance point of $36 to set a new all-time high of $38.16.
Judging from the daily candlestick chart, the bulls are currently trying to defend the key psychological barrier of $36 for UNI. At the time of writing, UNI/USD has fallen back from $38.16 and is trading at $34.55.
If the bulls can push the UNI's closing price above $36, then the bullish momentum may prompt UNI to reach a new all-time high of $45.
The transaction price of UNI/USD is much higher than the Exponential Moving Average ribbon and the moving average lines are beginning to bend upwards. Stochastic RSI is over the median number of 50, which is the bullish side of the oscillator.
After a long time of bonding, MACD index began to slope upward, forming a bullish crossover. This indicates that the bulls are currently dominating the market.
If a large number of sell orders are triggered, then UNI/USD will drop and test the $32.50 support level. However, this level of support is not strong enough.UNI/USD will more likely plummet further and test the 20 day-Exponential Moving Average of $30.90. If the bulls fail to defend the $30.90 support level, then UNI's bullish outlook will disappear.
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