The Uniswap protocol empowers developers, liquidity providers, and traders to participate in a financial marketplace that is open and accessible to all. It works as a trusted and highly decentralized financial infrastructure. It works on permissionless access, security, and immutability, all indispensable components where anyone can access financial services without fear of discrimination or counterparty risk. Past Performance of UNI The past week was positive for Uniswap (UNI), after a brief price pullback on February 7, 2021. UNI opened at $21.18 on February 6, 2021. As of February 12, 2021, UNI closed at $22.62. In short, the price has surged by approx. 7% in the past week. In the last 24 hours, UNI was trading in the price range of $21.37-$23.83. https://ift.tt/3jIAgXz Technical Indications for the Day-Ahead and Tomorrow Currently, UNI is trading at $23.21. The opening price was $22.64. Thus, the price is increasing. The EMA and SMA lines are below the price line. So, we can expect the price to increase further. The A/D indicator is upward sloping. Thus, whale accumulation is higher than distribution. Hence, we can expect the price to rise further. Presently, the RSI indicator is at 56%. Selling pressures are high. The RSI faced a bearish swing rejection at 70% a couple of hours back. Thus, price corrections are likely. The UNI price may drop. The MACD and signal lines are positive. However, they are very close to the zero line. They may cross below the zero line and become negative soon. Moreover, a bearish crossover by the MACD line over the signal line indicates a price pullback. The ADX line is falling too. The price uptrend is weakening as the ADX indicator is showing a bearish divergence. Hence, the price may start falling. The OBV indicator has tapered down slightly since morning. This implies that selling volumes are greater than buying volumes. Hence, a price downtick may occur. The AO indicator is positive. But, the ‘buy’ signals are very weak. The AO indicator may turn negative soon as it is close to the zero line. In short, the market momentum is bearish. However, the Aroon indicator is showing positive signs. The Aroon up has just crossed above the Aroon down line. Hence, the price is likely to increase. Most of the indicators have given credence to bearish momentum. Presently, UNI is trading above the Fibonacci pivot point of $22.61. It is closer to the first Fibonacci pivot resistance level of $23.54. If the UNI price closes above the second Fibonacci pivot resistance level of $24.13 today, then the bull-run will continue tomorrow as well. The current price is closer to the 23.6% FIB retracement level of $23.24. By the end of the day, if the UNI price is able to go above the 23.6% FIB extension level of $24.41, then we can expect a bullish trend tomorrow as well.
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