Uniswap: Mixed signals emerge as UNI holds steady at $7

Uniswap is displaying mixed signals, as bulls struggle to defend the $7 price level amid an increase in exchange inflows.

UNI dropped by 8% in 24 hours as it succumbed to bearish pressure across the broader cryptocurrency market.Uniswap

On the daily chart, UNI showed mixed signals as the price tested the lower boundary of the ascending parallel channel. A drop below this channel will suggest that buying pressure has weakened and the trend is reversing.A look at the green volume histogram bars suggests that buyers are still more than sellers. Additionally, the Relative Strength Index is at 56 while the RSI line is moving north suggesting that some traders could be buying the dip.

However, the Moving Average Convergence Divergence line shows a contrasting image. The MACD line has converged with the signal line and if it crosses below, it will flip the overall momentum to bearish. A look at Uniswap’s liquidation heatmap suggests that there is a cluster of liquidations above the current price. This suggests that the $7.30-$7.80 zone is a strong resistance level.If UNI gains and hits these liquidation levels, it could force short-sellers to close their positions. A short squeeze will increase the buying momentum and take prices higher.Data from CryptoQuant shows that on 1st October, the amount of UNI deposited to exchanges approached a weekly high.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uniswap leads market rebound with a surge: Can UNI stay above $6?Uniswap is leading the crypto market recovery with a 6% gain amid a spike in open interest and trading volumes.
Read more »

Here’s what Uniswap [UNI] bulls can hope for after THIS breakoutUniswap (UNI) recently saw a breakdown from its patterned structure, testing key support levels between $5.5 and $5.7. This region is critical
Read more »

Uniswap (UNI) Price Surges On Breakout From Ascending Triangle PatternUniswap (UNI), a leading decentralized protocol, saw its price rise by 4.16% to $7.47, accompanied by a 22.13% surge in trading volume to $156 million. This positive momentum is attributed to UNI's breakout from an ascending triangle pattern, signaling potential accumulation by large investors.
Read more »

Uniswap is now 100% unlocked, but there’s more to the storyWith 100% of UNI supply unlocked, only 25% is circulating as major holders hold back for long-term gains.
Read more »

Uniswap Labs to pay a fine to CFTC for illegally offering crypto derivatives tradingThe Commodity Futures Trading Commission has issued an order against Uniswap Labs. The enforcement agency took a hit at the crypt...
Read more »

Stock market today: Wall Street holds steady after a closely watched jobs report comes in mixedNEW YORK (AP) — U.S. stocks are holding relatively steady after a jobs report billed as the most important of the year came in mixed. The S&P 500 was up 0.2% early Friday, but it’s still on track for its worst week since April.
Read more »