Key Insights:
- Uniswap could be seen trading at $7.3, up by 6.2% in the last 24 hours.
- Ethereum, on the other hand, remained consolidated at $1529 for a week now.
- Bitcoin declined today, trading at $21.8k at the time of writing.
The broader market was in decline today, losing $28 billion in the span of just 24 hours, slipping below the $1 trillion mark.
Uniswap alone managed to keep itself still away from the bears, while Bitcoin and Ethereum both depreciated to $21,888 and $1,520.
Uniswap Stands Strong
Uniswap has been one of the best-performing cryptocurrencies for a while as it managed to recover the losses it witnessed during the June and May crashes.
After rising by 6.24% in the last 48 hours, UNI is now headed to recover the 41.56% losses it encountered during the April dip, which caused UNI to fall below the $10 mark.
Looking at the price indicators, it seems like UNI could be heading in either direction but possibly in favor of a downtrend.
The Parabolic SAR is already placed above the candlesticks and could stay there given the uptrend dominated the altcoin for more than three weeks.
Furthermore, the MACD is also on the verge of losing its bullish crossover to the bears as the red bars appearing on the indicator are gaining strength.
If the condition is met, the indicator could note bearish cues and place Uniswap in a downtrend.
Ethereum Keeps in Line With the Market
The altcoin king is on the same path as the rest of its subjects, trading at $1,529. For the last one week, ETH has remained unmoved from this zone as it struggles to breach above the $1,600 mark.
However, it does have room to rise as the price indicators continue to flash bullish signals.
Firstly the Bollinger Bands’ divergence indicates that ETH could be facing high volatility over the coming days, but given that the candlesticks are above the basis of the indicator, the price swings that follow will keep the price positive.
Additionally, the altcoin has not lost the buying pressure that helped the previous rally and could also prevent ETH from facing extravagant losses.
As long as the Relative Strength Index (RSI) remains below the overbought zone (80.0), it will be safe from a trend reversal as well.