- Uniswap hovers around $8, surging over 5%.
- UNI’s daily trading volume has exploded by 21%.
The turbulent crypto market is erasing recent gains and pushing prices downward. Bitcoin has tumbled to $88.5K, and Ethereum is sliding toward $2.4K, yet Uniswap (UNI) has broken free from the downtrend with a 5.47% daily surge.
UNI has broken through the vital $8.30 and $8.48 resistances before climbing to the daily high of $8.53. The asset opened the day trading at $7.62. At the time of writing, Uniswap trades at $8.19 with its market cap reaching $4.91 billion.
Furthermore, the market has witnessed the liquidation of $640.61K worth of Uniswap during this period. Notably, the daily trading volume has reached $365 million.
Alternatively, the US Securities and Exchange Commission (SEC) is set to drop its multi-year investigation into Uniswap Labs. The SEC issued a Wells Notice last year, claiming that Uniswap Labs operated an unregistered securities exchange, engaged in an unregistered broker or issued an unregistered security.
Is UNI Gearing Up for a Bullish Surge or a Dip?
Uniswap lies within the broader bearish phase. The price might test the nearby support at $8.09. Mounting selling pressure could lead UNI’s price to a gradual drop toward the $7 mark. A bigger drop might open the gates for a sharper fall.
Assuming that UNI bulls turned the tide against the bearish momentum, it will likely retest the $8.31 resistance. Should the altcoin stay on its upward trajectory, Uniswap could touch the long-sought $9 mark and eye further gains.
UNI’s Moving Average Convergence Divergence (MACD) line and signal line are found beneath the zero line. This bearish crossover indicates a strong downtrend and infers continued selling pressure unless a bullish crossover occurs.
Moreover, the Chaikin Money Flow (CMF) indicator of Uniswap is positioned at -0.00. It signals a balance between buying and selling pressure—without a clear directional bias. Meanwhile, the daily trading volume has increased by over 21.94%.
In addition, the trading window of UNI exhibits the Bull Bear Power reading at -0.1133 suggesting the bearish momentum is slightly stronger. The asset is in a weak bearish zone, as the daily relative strength index (RSI) is resting at 41.20.
