A recent surge in Ethereum transaction fees leads to an increase in layer-2 volumes for UNISWAP, the most famous and liquid decentralized crypto exchange. According to data sources from Nomics, a data analytics provider, UNISWAP V3 brought in 80 million USD in volume in Arbitrum compared to 14 million USD on Optimism.
L2beat, a Layer-2 data aggregator show records of Arbitrum representing 60% of the TVL-Total value locked across Layer-2 following its mainnet launch in September.
Let’s analyze the price charts of the UNIUSDT crypto pair, starting from a weekly chart overview.
UNISWAP (UNI) Weekly Chart Analysis
The UNIUSDT price chart had its fair share of the all-around crypto price slump revealed as a trigger from a bearish divergence pattern.
Following the 67% price slump, the UNIUSDT slowly attempts a price recovery while trading within a side-ways chart structure.
An earlier climb in the RSI value above level-75 on 09 August hints at the bullish recovery and a build-up of price trajectory above the upper bounds of the bearish divergence resistance.
UNISWAP (UNI) Daily Chart Analysis
Above is a daily chart overview of the UNIUSDT breaking above the upper trend line of an expanding and descending channel that’s formed by countering bearish and bullish divergence signals on 26 Sep and 02 October.
The recent breakout of inside-bar resistance marks a start of higher price targets for the UNI token as the price threatens to break a second bearish divergence resistance level at $27.99.
UNISWAP (UNI) 4HR Chart Analysis
The UNISWAP UNI token signals a regular bearish divergence on 16 October 12:00, sending the UNIUSDT into a correction wave of about [10%].
A long-range hidden bullish divergence on 18 October 12:00 confirms the price floor following a bear-trap candlestick pattern.
The bullish divergence pattern formed with the RSI in the oversold area, also confirms a parabolic upward trajectory on the daily time frame as the daily RSI reading stays above level-25.
UNISWAP (UNI) Intraday Levels
- Spot rate: 27.12
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $24.85 and $22.30
- Resistance: $27.99
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.