Uniswap price is flashing in green as it gained 3.22% in the last 24 hours. The altcoin’s bulls recovered a good range from the recent support level of $5.93. Uniswap, at the time of writing this article, was trading at $6.14.
Its bullish momentum peaked up the pace on Thursday. Uniswap managed to recover the losses of the last two days. After reaching the high of $6.22, UNI started correcting and changing hands at $6.14. Its recent gains balance the loss incurred during the previous week.
Moreover, the broader crypto market is also bullish. Bitcoin managed to make a 3% gain in value. Currently, the topmost cryptocurrency is trading at $17,221. Looking at Uniswap, its gains suggest that selling pressure is also coming from traders who fear another short-term price drop after the steep surge in price. Uniswap’s volatility is consistent and is evident by the movement of the Bollinger bands. The upper end of the band is at the $6.22 mark, while the lower end is at $5.93. Data suggests that the UNI price increased quite near the mean line of the Bollinger bands which is present at the $6.11 mark.
It should be noted that the relative strength index (RSI) is nearly at the center of the neutral zone at 50.71. However, there is an upwards movement. This reflects that there is some support to counter the selling pressure.