UNI rebounds from recent losses on Monday – Market Updates Bitcoin News
Uniswap was back in the green on Monday, as the token rebounded after two consecutive days of decline. The move sent prices climbing towards a resistance level of $6.70, which has been in place since late August. Maker was also in the green, climbing nearly 5% in today’s session.
Uniswap (UNI)
Uniswap (UNI) was a notable draw on Monday, as the token bounced back after a series of back-to-back declines.
After a low of $6.21 on Sunday, UNI/USD rose to an intraday high of $6.53 earlier in today’s session.
The move saw the unswap move close to a key resistance point at $6.70, which has been in place since August 25.
Looking at the chart, UNI is also nearing a ceiling on the 14-day relative strength index (RSI), which could prevent prices from gaining further momentum.
At the time of writing, the index follows 55.81, which is marginally below the mentioned ceiling of 57.00.
An upward crossover between the 10-day (red) moving average and its 25-day (blue) counterpart has also occurred, which could be a sign of even more gains to come.
Maker (MKR)
In addition to the unswap, maker (MKR) also moved higher to start the week, moving away from recent losses in the process.
MKR/USD hit a high of $793.44 earlier in the day, which is over 5% higher than yesterday’s low of $752.01.
The token rose for the second day in a row and is now approaching a resistance point at $800 after today’s increase.
At the time of writing, MKR is now trading at its highest point since August 30, with the RSI also tracking at a multi-month high.
The index is currently tracking above a ceiling of 60.75, which appears to have been the trigger for today’s rally.
Like UNI, there has also been an upward cross with MKR’s moving average, which could be another positive sign for future gains.
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Could we see the manufacturer back above $800 this week? Let us know your thoughts in the comments.
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