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Dalmas Ngetich
Mar 8, 2022
by Dalmas Ngetich

Uniswap (UNI) Recovers, will $8 Hold as Support?

Uniswap
Uniswap bulls are firm as DeFi fundamentals prove supportive of UNI in the near term provided $8 holds as the primary support.

Past Performance

The Uniswap token is snapping back to trend after immense selling pressure from late last week. From the development in the daily chart, UNI is up by seven percent on the last trading day, outperforming the USDT. However, the short-term trend depends on confirmation of today's gains and reaction at $8.

Uniswap Technical Analysis

Uniswap Daily Chart for March 8

There are hints of strength reading from the UNIUSDT formation in the daily chart. The bullish engulfing pattern from $8--a critical support level--could be the base for another leg up in a welcomed recovery. Notably, the spike in the NY session is with high trading volumes suggesting demand. As such, aggressive traders may load the dip above $8, targeting $10 in the medium term especially if UNI bulls push prices above the multi-week resistance trend line clear in the daily chart.

What to Expect of Uniswap?

Overall, sellers are still in a commanding position despite what DeFi brings on board. Based on the UNIUSDT candlestick arrangement, losses below $8 could see UNI prices tank to $7 in the near term. On the flip side, confirmations of today's gains might be the basis of another leg up towards $10--or better.

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Uniswap (UNI) Recovers, will $8 Hold as Support?
Dalmas Ngetich
Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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