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Uniswap Presenting A Buying Opportunity: Buy Now?

Uniswap (UNI) is a prominent decentralized exchange (DEX) token built on the Ethereum blockchain.

Rising Wedge usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout.

Below is a comprehensive analysis of its performance, market data, and key developments.

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Uniswap Crypto Price Analysis

Latest Price: $9.13 (24h range: $8.84 – $9.39)

Market Cap: $5.51 billion

24h Trading Volume: $199.45 million

Circulating Supply: 600 million UNI

Total Supply: 1 billion UNI

Fully Diluted Market Cap: $9.18 billion.

Img src- Altfins

Price is trading in a Rising Wedge. After a few rejections, price finally broke above 200-day moving average (~$7.80), which signaled resumption of uptrend.

Pullback near $8.35 support could be another swing trade entry in Uptrend with +20% upside potential back to $10. Stop loss at $7.25.

Weekly Price Analysis

Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.

Momentum is Bullish ( MACD Line crossed above MACD Signal Line) BELOW days ago. Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $8.35, then $6.50. Nearest Resistance Zone is $10.00, then $12.00.

Indicators Analysis

Relative Strength Index (RSI): Neutral.

Moving Averages: The 50-day and 200-day moving averages highlight potential support levels around $8.80.

Volume Profile: Trading volumes remain steady.

News Roundup

Governance Token Role: UNI continues to act as a governance token, allowing holders to vote on protocol upgrades.

Market Dynamics: Uniswap remains the second-largest DEX, leveraging its automated market maker (AMM) framework.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

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