The Uniswap price continues its recovery, with July recording a 4 per cent rise in its value. The trend reversal started in the second half of June when Uniswap prices dropped to a low of $3.3 after opening the markets trading at $5.68. The recovery saw Uniswap price rising by 45 per cent from its monthly price lows, and closing the markets at $5.00.
Until yesterday, Uniswap was trading in a sideways market, and its momentum had dropped significantly. However, during yesterday’s trading session, the prices rose by 8 per cent, reversing low volatility, and low momentum trading sessions that had persisted for days.
Part of the reason we saw such a huge surge in the price of the crypto was due to a surge in trading volume. In the past 24 hours, Uniswap’s trading volume surged by 84 per cent. With over $115 worth of UNI used for transactions. Such a huge gain in trading volume, in most cases, translates into the markets, and for Uniswap, that is exactly what happened. As more money and transactions continued to come into the project, the markets reacted by pushing its prices up, resulting in the 8 per cent surge.
Today, however, the prices are down by 2 per cent. Part of the reason is because of yesterday’s aggressive market move, and today is a market correction.
Therefore, I expect the current bearish trend to reverse to the upside. I also expect the prices to hit the recent resistance level of $6 in the coming session. Looking at the daily chart below, there is a high likelihood that the current long-term bullish trend will see the prices also possibly move past the $7.5 price level within the next few weeks.
However, should the prices trade below the $4.6 price level, then my analysis will be invalidated. At that level, a bearish trend will already have been established.
This post was last modified on %s = human-readable time difference 12:17