Paxos has earlier said it will halt support of Binance’s stablecoin by February 2024, now the exchange has said it will also stop support by that time.
Uniswap Price Watch: UNI Registers 16% Rally In Last 7 Days
Uniswap (UNI) token holders have plenty of reasons to celebrate now.
- Uniswap is among the top gainers among cryptocurrencies, registering a 16.2% price increase over the past week
- The token is now on a falling channel pattern but is expected to make a bullish run
- Lowest possible support price for Uniswap is $4.8
The digital asset is one of the biggest gainers not only for the last 24 hours, but for the past seven days.
As of this writing, tracking from CoinGecko shows the token is trading at $6.37, enjoying a 12.5% gain in value since same time yesterday and a 16.2% increase for the past week.
Unlike the rest of the crypto pack, the Uniswap token seems to be keeping its head above water during this period of uncertainty and volatility for the digital assets space.
This seems a rather odd development, considering the token was stuck in a steady decline during the past five weeks.
It also makes it a bit difficult to assess whether or not the crypto is under any kind of pressure.
Some experts feel it is.
Uniswap On A Falling Channel Pattern
The five weeks that was mentioned earlier when Uniswap token was on a decline isn’t just a simple “period of red” for the crypto.
It was a falling channel pattern which is characterized by a bullish rally following the breaking of the overhead trend line.
Source: TradingView
While the token is enjoying significant gains with its current trading price, there is no clear guarantee that the anticipated bullish trend is already happening.
What is clear though is that 70% of all the gains the Uniswap token have made during its last recovery rally was obliterated by the recent crypto market correction.
It has put the cryptocurrency in a position where local support price stood at $5.27.
Where Is Uniswap Token Headed?
As of this writing, data indicate that Uniswap token’s hourly trading is on a small range. If the trend continues, there could be strong movement on its price on the coming days.
The crypto’s support range could consolidate at $5.00 to $4.8 while its resistance level could be seen to be from $6.9 to $8.1.
In crypto space, “support” refers to the level at which an asset’s price stops falling. “Resistance” refers to the range when an assets price stops increasing.
It is important to note that while a bullish rally can easily put Uniswap trading price to the $7 mark, the token is also at risk of hitting a price range below $5.
With that, it is now a waiting game for interested buyers who should keep a sharp eye for the pattern breakout.
UNI total market cap at $4.9 billion on the daily chart | Source: TradingView.com
Featured image from Cointribune, Chart: TradingView.com
Why The Crypto Market Bloomed After FED Decision
Bitcoin and the crypto market trend to the upside on Wednesday. The Federal Reserve (FED) announced a raise rates by 25 basis points. The FED Chair Powell said at the news conference;
We are attentive to the risks of further upward pressure on inflation and inflation expectations. The committee is determined to take the measures necessary to restore price stability. The U.S. economy is very strong and well-positioned to handle tighter monetary policy.
Technical Analysis Of The Top Crypto
Bitcoin
Bitcoin is trading in a range but with recent bullish price action, with prices climbing above the Tenken-sen ($39,880), Kijun Sen level at $39,828 per coin, and below another cloud called Ichimoku Kumo ($41,025) that indicates where investors should look for potential buy zones.
Related Reading | Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date
Bitcoin’s primary support level is $37,000 (low seen as of March 7th), and if the price falls below this level, it might revert into bear territory with possible drops down to $34,000/$32,950 (low of the January 24th )
If the cryptocurrency close above $41,700 today. However, there might probably be another rise to around $42,600 (high on March 9th) / $45,356 (200-dаy EMA) / $50,000.
With the price of Bitcoin, it might be a good time to buy a dip at $40,000 with SL around $37,000 for TP of $50,000.
Bitcoin started the day with a decline of .4% | Source: BTC/USD chart from Tradinview.com
Ethereum
Ethereum has oscillated within a tight trading range between 2,810 and $2,492 for the past week.
The ETH/USD pair has hit a high of $2,809 on the daily chart but is currently trading around that value. The pair is trading below Tenken-sen ($2,627), Kijun-sen ($2,672), and Ichimoku Kumo cloud ($2,870), confirming the minor weak trend.
The Ethereum price has major support at $2,445, and if it drops below this level might confirm the bearish trend. So a dip until around February 24th’s low of $2,300 can be on deck for us here, with potentially more downsides still left ahead.
Related Reading | TA: Ethereum Back to Square One, Why ETH Could Surge Again
The potential for an intraday trend reversal is present if Ethereum’s close today above $2,850.
After that, it is possible the coin might jump to $2,900/$3,000. However, the bullish trend might continue if the price breaks $3,300 support.
With the price of Ethereum, it might be a good time to buy a dip at $2,500 with SL around $2,300 for TP of $3,300.
XRP
The price of XRP is held above short-term (55 days EMA) and below long-term (200 days EMA). If it breaches below $0.70, then further bearishness would be confirmed by the pattern observances. However, a short-term trend reversal would occur only if it breaches $1.02 (23rd Dec high).
LUNA
The price of the LUNA token is held below short-term (55 days EMA) and above long-term (200 days EMA). If it breaches above $105, then further bearishness would be confirmed by the pattern observances. However, a short-term trend reversal would occur only if it breaches $75.
Bitcoin, Ethereum Resistance, and Support Chart
| Cryptocurrency | Resistance | Support |
|
Bitcoin |
R1- $42,600 | S1- $37,000 |
| R2- $43,500 | S2- $34,000 | |
| R3- $46,000 | S3- $30,000 | |
|
Ethereum |
R1- $2,775 | S1- $2,445 |
| R2- $2,850 | S2- $2,300 | |
| R3- $3,160 | S3- $2,150 |
Featured image from Pixabay, chart from tradingview.com
