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Uniswap zooms over 14%; what is causing this rally?

Uniswap zooms over 14%; what is causing this rally?

Uni was trading at $8.16 at its lowest level in the last 24 hours and rose to $9.32. The cryptocurrency rallied 14.21 per cent intraday.  

Uni was trading at $8.16 at its lowest level in the last 24 hours and rose to $9.32. The cryptocurrency rallied 14.21 per cent intraday.   Uni was trading at $8.16 at its lowest level in the last 24 hours and rose to $9.32. The cryptocurrency rallied 14.21 per cent intraday.  

Uni, the native token of the decentralised crypto exchange Uniswap, zoomed over 14 per cent intraday on Thursday, as per data from CoinMarketCap.  

The cryptocurrency was trading at $8.16 at its lowest level in the last 24 hours and rose to $9.32. The cryptocurrency rallied 14.21 per cent intraday.  

Data as per CoinMarketCap

The Uni token was trading at $8.94, up 9.27 per cent at 08:30 AM IST. According to CoinMarketCap, the cryptocurrency had a 24-hour trading volume of $374,839,466, up 25.06 per cent in the past day. The live market cap of the cryptocurrency was at $ $6,656,156,911. The token has a circulating supply of 745,305,551 and a maximum supply of 1,000,000,000.

Why is Uniswap gaining?

Analysts and traders have positive forecasts about Uniswap based on technical analysis. 

As per CoinGape, the cryptocurrency has strong technical indicators, like its EMA and RSI indicator, which are pushing the price of the token up.

Analysts at CoinGape say that the token might reclaim its 200-day EMA slope causing a rally in the prices. They said, “Along with a $10 breakout, the expected rally would even reclaim the 200-day EMA slope, offering an extra edge to buyers. Moreover, the 20-day EMA act as dynamics support for UNI price.”

EMA refers to Exponential Moving Average (EMA), a type of moving average that places a greater significance on recent data points.

Furthermore, according to CoinGape, “The daily-RSI slope of Uniswap shows relatively shorter higher highs in its chart. This growing divergence in momentum indicators bolsters the correction theory.”

Analysts highlight that the resistance levels for Uniswap are at $8 and $6.61, whereas the support levels are $10 and $12.5.

RSI refers to Relative Strength Index. It is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of recent price changes to evaluate overvalued or undervalued conditions in the price.

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