Global Uniswap Experiences Boost Amidst Worldwide Liquidity Increase, $12 Re-Examination Imminent
UNI Consolidates Around $9.75 Amidst Potential Upside Momentum
Uniswap's UNI token has retreated from a recent high near $12.30 and is currently consolidating around $9.75. This move is largely seen as profit-taking following the rally in July.
The trading volume of UNI in the last 24 hours was approximately $341 million, indicating active market participation. A pullback in price was observed, but active buyer participation was noted in the latter part of the day, which helped support modest gains for UNI.
The MACD (Moving Average Convergence Divergence) line, a popular technical indicator, has dipped below the signal line, pointing to short-term bearish momentum. However, a negative histogram accompanies the MACD, suggesting that this bearish momentum might be temporary.
The Chaikin Money Flow (CMF) indicator, another technical indicator, remains positive at 0.03, indicating ongoing capital inflows. This suggests that demand for the cryptocurrency has not dissipated.
The source of the technical analysis is TradingView, while the market data is provided by BraveNewCoin.
Global liquidity trends are supporting UNI's upside potential. The M2 Global Liquidity index is showing a strong upward trajectory, moving steadily towards the $40,000 mark. Historically, increased liquidity has supported risk-on assets, including DeFi tokens like UNI.
Traders will be watching for a bullish crossover in the MACD and sustained CMF strength as signals to confirm renewed buying interest. Breaking and holding above the current level on strong volume could catalyze further momentum buying.
If the token aligns with this liquidity trend, traders may see the asset attempt to close the valuation gap by pushing past $12 and potentially hitting the $16 level short to mid-term.
It's worth noting that the $10 level remains a nearby resistance watched closely by short-term traders. UNI currently ranks 34th globally.
Bull Bear Spot's analysis suggests that the current setup for UNI is "bullish," with expectations that the token could "pump at any time." The CMF highlights that this bullish sentiment is not unfounded, as the demand for UNI remains strong.
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