Uniswap (UNI) Recovers, will $8 Hold as Support?

Uniswap bulls are firm as DeFi fundamentals prove supportive of UNI in the near term provided $8 holds as the primary support. Past Performance The Uniswap token is snapping back to trend after immense selling pressure from late last week. From the development in the daily chart, UNI is up by seven percent on the last trading day, outperforming the USDT. However, the short-term trend depends on confirmation of today’s gains and reaction at $8. Uniswap Technical Analysis There are hints of strength reading from the UNIUSDT formation in the daily chart. The bullish engulfing pattern from $8–a critical support level–could be the base for another leg up in a welcomed recovery. Notably, the spike in the NY session is with high trading volumes suggesting demand. As such, aggressive traders may load the dip above $8, targeting $10 in the medium term especially if UNI bulls push prices above the multi-week resistance trend line clear in the daily chart. What to Expect of Uniswap? Overall, sellers are still in a commanding position despite what DeFi brings on board. Based on the UNIUSDT candlestick arrangement, losses below $8 could see UNI prices tank to $7 in the near term. On the flip side, confirmations of today’s gains might be the basis of another leg up towards $10–or better.The post Uniswap (UNI) Recovers, will $8 Hold as Support? appeared first on Cryptoknowmics-Crypto News and Media Platform.