DeFi Token Uniswap Price Breakout Eyes $32 And Levels To Watch
- Uniswap bulls nurture the uptrend for gains heading to $32.
- Delays should be expected at $27.98, according to the transaction history model by IntoTheBlock.
Uniswap is one of the altcoins showing huge bullish signals, worth paying attention to amid the prevailing slugging cryptocurrency market forces. The decentralized finance (DeFi) has since secured support at $17.5 maintained a bullish narrative. In the meantime, buyers seem convinced that higher support is in and the only is up.
Uniswap Poised For A Remarkable Rally
Following the resistance at $32.5, the supply zone in red, UNI dropped within a descending parallel channel. The losses became apparent after losing tentative support at $25, with the bearish leg stretching to $17.5.
The channel’s lower boundary became very instrumental in mitigating the advances by the bears. Uniswap frequent recovery battles along the way could not make it above the channel’s upper limit.
Uniswap started this week positive, with a more than 30% upswing to $26. However, the momentum fizzled out on touching the 50-day Simple Moving Average (SMA). The token has held above the 100-day SMA for nearly four days, allowing bulls to resume the uptrend past the descending channel.
UNI/USD Daily Chart
Currently, bulls appear to be winning the tug of war, with Uniswap trading at $25. The 50-day SMA has limited the immediate upside. A break is required past this level, while a daily close above the 200-day SMA will ascertain UNI’s ability to close the gap to the supply zone at $32.
The Moving Average Convergence Divergence (MACD) is worth watching. Keep in mind that a buy signal has recently been sent in the same daily timeframe. As the MACD moves closer to the mean line, the odds will continues favoring the bulls and, in turn, pushing the price to the near-term goal.
In/Out of the Money Around Price (IOMAP) model reveals that Uniswap has a straightforward way to at least $28. The region around $27.98 is home to 7,700 addresses that purchased roughly 210 million UNI. Moving through this area will be a challenge to the bulls because holders who have been underwater will be trying to get even, thus dampening the tailwind.
Uniswap IOMAP Model
On the flip side, the DeFi token does not have immediate formidable support up to $21.26. Here, 11,500 addresses purchased approximately 180 million UNI.