Upward trends in price charts bode well for Uniswap. CoinGecko reports that over the past 30 days, the token\u2019s value has increased by 17.6 percent. The currency appreciated by 6.5% in value throughout the course of the week.<\/p>\n
As of this writing, UNI is still in an uptrend, and there are indications that the bullish momentum will continue, pushing the price of UNI into or over the $7 barrier mark.<\/p>\n
UNI\u2019s gains are only one example of the several cryptocurrencies that took advantage of the market turmoil caused by the recent CPI report.<\/a><\/p>\n Is the market getting carried away with its optimism, or can UNI\u2019s positive momentum continue to the $7 resistance level?<\/p>\n The Unicorn Spell<\/p>\n CryptoQuant reports<\/a> that the token\u2019s exchange reserve numbers are on the rise. That people are getting ready to sell again is a gloomy sign.<\/p>\n During the September 21st UNI rally, the coin was rejected at the $7 price resistance level, providing evidence of this phenomenon.<\/p>\n Currently, the momentum indicator is at 0.062. This is barely above the 0 line of neutrality. The RSI indicator currently rests at 52.61 and 50.24 correspondingly, indicating a deceleration.<\/p>\n Even though the token\u2019s movement is slowing, its\u00a0predominant adherence to the XABCD shape may indicate more bullishness. However, the token has met a roadblock in its quest towards the $7 price area.<\/p>\n The recent rejection of the token at $6.774 will present a difficulty in the coming days.<\/p>\n Has The Adjustment Phase Begun?<\/p>\n Chaikin\u2019s money flow indicator shows\u00a0that the\u00a0bulls continue to control the market. At a value of 0.02, the bulls can use this to generate more momentum and eventually push the price towards $7.<\/p>\n However, if bears seize control of the market, the $5.993 support line is their greatest defense against a possible reversal.<\/p>\n Market corrections are typical for both stocks and cryptocurrencies. As a result of the rising level of foreign exchange reserves, investors and traders should be prepared for potential volatility in the next days or weeks.<\/p>\n\n UNI market cap at $4.8 billion on the daily chart | Featured image from Forkast, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Upward trends in price charts bode well for Uniswap. CoinGecko reports that over the past 30 days, the token\u2019s value has increased by 17.6 percent. The currency appreciated by 6.5% in value throughout the course of the week.<\/p>\n As of this writing, UNI is still in an uptrend, and there are indications that the bullish momentum will continue, pushing the price of UNI into or over the $7 barrier mark.<\/p>\n UNI\u2019s gains are only one example of the several cryptocurrencies that took advantage of the market turmoil caused by the recent CPI report.<\/a><\/p>\n Is the market getting carried away with its optimism, or can UNI\u2019s positive momentum continue to the $7 resistance level?<\/p>\n The Unicorn Spell<\/p>\n