Will Uniswap (UNI) Find Its Momentum Again?

• Uniswap (UNI) trades in the $16.31 range.
• The daily trading volume of the asset has dropped by 10.80%.

The global cryptocurrency market has witnessed a dip over the past 24 hours. The recent bullish rally has diminished, with Bitcoin and Ethereum losing ground. All the major altcoins were recovered over the past few days. Notably, Uniswap (UNI) has spiked by over 3.65% in the past 24 hours.

The asset’s intraday high was noted at $16.54, climbed from a low of $14.78. At the time of writing, Uniswap trades at $16.31 with its daily trading volume settled at $905 million.

UNI’s price has surged over 79% in the last thirty days. UNI has continued to gain momentum over the past week by 28%. The asset opened the week trading at a low of $12.76.

As December is here, traders expect an altcoin rally with notable price breakouts. Will the Uniswap bulls regain the lost momentum?

Can UNI Find Its Momentum Again?

Uniswap’s daily price window exposed the current negative sentiment. UNI’s price could likely test its nearby support around the $14 range. In the case where the selling pressure solidifies, the UNI price might steeply dip below $10. Further depreciation will push the altcoin’s price back to its previous lows.

However, if the UNI bulls took charge over the bearish pressure, the asset might bring in a retest of the immediate resistance at $17.68. If Uniswap continues to trade on the upside, it could push the price toward the $20 mark to set in motion a new rally.

Moreover, UNI’s technical chart analysis discloses the Moving Average Convergence Divergence (MACD) line below the signal line. This likely suggests the downside trajectory and an imminent bear run.

MNT chart (Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator is laid at -0.08, inferring the negative money flow and selling pressure and reflecting more outflows within the market. Meanwhile, Uniswap’s trading volume has plummeted by over 10.80%.

Additionally, the 24-hour frame of UNI reveals the short-term 9-day moving average crossing the long-term 21-day moving average at $15.76 and $15.38, respectively. Also, the asset is located in the neutral zone in the market, as the daily relative strength index (RSI) is found at 65.60.

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