- Uniswap breaks above the descending trendline, paving the way for an uptrend toward $30.
- The transaction history model reveals UNI’s robust support and minor resistance.
Uniswap has sustained a slow uptrend in the wake of June’s support at $14. The decentralized finance token hit levels above $20 but stalled at $22, although bulls had their eyes on $30. UNI’s upside was also hindered by the 100 Simple Moving Average (SMA) on the 12-hour chart.
At the time of writing, Uniswap teeters at $20.2 amid a growing effort by the bulls to hold above the $20, and by extension, the 50 SMA. As market stability returns to the market, Uniswap may continue with the upswing toward $30. Meanwhile, bulls must crack the seller congestion zone at $23, as highlighted by the 100 SMA.
Uniswap price uptrend confirmed by the MACD
The Moving Average Convergence Divergence or MACD incorporates the 26-day and the 12-day exponential moving averages. This crucial technical tool follows the direction of the trend of the asset and calculates its momentum.
As the 12-day EMA crossed above the 26-day EMA, a bullish signal surfaced, allowing investors to increase their entries. Note that the bullish outlook will be validated as the MACD crosses the mean line into the positive region.
UNI/USD twelve-hour chart
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals no supply barrier that may hold the decentralized finance token from achieving its upside potential. Based on this on-chain metric, only one central area of interest runs from $22 to $22.65. Here, nearly 2,400 addresses had previously bought 24 million UNI.
This region may have the ability to absorb some of the buying pressure experienced since last week. Holders who have stayed underwater may try to break even on their positions, slowing down the uptrend. But if Uniswap can slice through this resistance, it will likely climb to $30.
Uniswap IOMAP model
On the flip side, the IOMAP on-chain model shows that Uniswap sits on top of stable support. Nearly 3,800 addresses bought roughly 140 million UNI between $19.05 and $19.63. This crucial area of interest suggests that bears will struggle to push prices down. Right now, the odds are in favor of the bulls.