The digital asset market has been on a downtrend for some weeks. BTC dipped by nearly 7.5% over the past week, even though it has recovered slightly as of this writing. Most altcoins remain on a downtrend, with the bears in complete control. However, a few altcoins (notably LINK and UNI) were on an uptrend and even made notable gains in the last 24 hours. LINK gained 7.5%, while UNI gained 7% over the previous 24 hours. As of this writing, LINK trades at $22.65, while UNI trades at $19.
LINK/USD Price Action
LINK/USD 4-hour timeframe. Source: TradingView
While LINK’s support and resistance are found at the $17.15 and $24.23 levels, respectively, the altcoin trades closer to its next resistance price level. But it has tried and failed a couple of times to surge above that resistance level. If it overcomes that resistance level, its next crucial resistance would be the $28.45 and $33.66 price regions. The signals are bullish, depicting the coin’s positive price movement in the last 24 hours.
The bullishness was further confirmed as the LINK price crossed over the 25-SMA line. The on-balance volume indicator, the DMI and the ADX indicators suggested that the buying pressure will be sustained. The RSI was in the overbought region twice this past seven days, indicating an intense buying pressure. If this buying pressure is sustained, LINK might surge over its next crucial resistance of $24.23, a level it failed to surpass over the past four weeks.
UNI/USD Price Action
UNI/USD 4-hour timeframe. Source: TradingView
While UNI struggled to reverse its bearishness throughout last month, it made a recovery during this morning trading session. UNI could make a move for the $20.37 price range, provided it can flip the $19.07 price level to support. However, this may not be possible in the near term. UNI only recently overcame the $19 price after gaining about 9.4% in the past day.
If UNI were to dip for any reason, its next supports would be at the $17.04 and $15.19 price levels, respectively. UNI price crossed over the 25-SMA line on the 4-hour timeframe, suggesting that the bulls remain in control. The intense buying pressure reflected on the RSI; it is now near the overbought region.
The launch of Civtrade is one factor attributed to the latest rise in UNI price. A sharp spike in the on-balance volume indicator confirmed UNI’s bullish price movement. Traders can use Civtrade to set limits and set up an order book like they can do when trading on a centralized exchange. They can also use this tool to define their trade volume and target price.
Another factor for the surge in UNI price is the news that Uniswap V3 has been deployed on Polygon, which would enable Uniswap to be deployed on multiple blockchains. This tool is also available on eth and polygon networks. Asides from LINK and UNI, AAVE and COMP, two other DeFi-related tokens have made appreciable gains in the past day. Hence, many analysts conclude that DeFi tokens will lead a resurgence in the crypto market.