The crypto market saw modestly higher prices this trading week, despite warnings from analysts that the market could fall further, pressured by fears that the collapse of the FTX cryptocurrency exchange could extend the crypto bear market by several more months.
One of the reasons behind this rise is the fact that investors are buying cryptocurrencies at their current lows as a long-term investment, but investors’ confidence is also rising due to their belief that the United States Federal Reserve could roll out smaller-sized interest rate hikes at its next meetings. Fed Vice Chair Lael Brainard said this Monday:
“I think it will probably be appropriate soon to move to a slower pace of increases, but I think what’s really important to emphasize is… we have additional work to do.”
Uniswap (UNI) is also showing some bullish momentum in the short term, and the price of this cryptocurrency could advance even more in December if the Federal Reserve hints at slowing the pace of rate increases.
Galaxy Digital Holdings CEO Mike Novogratz also said that although the cryptocurrency market now faces a trust crisis, he continues to support the industry and sees buying opportunities in various cryptocurrencies.
See Related: Bitcoin And Ethereum Price Can Be Boosted By 10% Following The US NFP Report
Uniswap (UNI) Technical Analysis
The technical analysis of Uniswap (UNI) shows its price has weakened from $7.76 to $4.70 since November 07, and the current price stands at $5.37. Uniswap (UNI) is showing bullish momentum this trading week, and if the price advances above $6, the next target could be resistance at $7.
Traders should also consider that the price of Uniswap (UNI) is usually correlated with Bitcoin, and if the price of Bitcoin jumps above $18000, we would probably see UNI at a higher price level than the current price. The current support level is $5, and if the price breaks this level, we could see UNI at $4.5 or even below.
Conclusion
The crypto market saw modestly higher prices this trading week, which also supports the price of Uniswap (UNI). One of the reasons behind this rise is the fact that investors are buying cryptocurrencies at their current lows as a long-term investment, but investors’ confidence is also rising due to their belief that the US central bank may slow the pace of rate hikes.
