Uniswap returned to the green on Monday as the token rebounded from two consecutive days of declines. The move sent prices up toward the $6.70 resistance level that has been in place since late August. Manufacturers were also in the green, up nearly 5% in today’s session.
Uniswap (UNI) had a notable move on Monday as the token rebounded after a series of consecutive declines.
UNI/USD surged to an intraday peak of $6.53 early in today’s session after bottoming at $6.21 on Sunday.
The move means that the uniswap is now approaching $6.70, a key resistance point that has been in place since August 25.
The chart shows that UNI is also approaching a ceiling on the 14-day Relative Strength Index (RSI), which could prevent prices from gaining further momentum.
As of this writing, the index is hovering at 55.81, just below the aforementioned ceiling of 57.00.
An upward cross between the 10-day moving average (red) and the 25-day moving average (blue) has also occurred, which could be a sign of further upside in the future.
In addition to uniswaps, manufacturers (MKR) have also rallied since the beginning of the week, moving away from recent losses in the process.
MKR/USD hit a high of $793.44, more than 5% higher than yesterday’s low of $752.01.
The token rose for the second day in a row and is approaching the resistance point of $800 following today’s surge.
As of this writing, the MKRis currently trading at its highest level since August 30 and the RSI is at its highest in months high levels.
above 60.75, which appears to have triggered today’s rally.
An upward cross with thehas also occurred as well as the UNI, which has crossed above the moving average of the MKR. This is also crossing upward with the moving average of, which is also likely to be a favorable factor for further upside.
Sign up for email here to get weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons