UNI logged a strong reversal in the running week after crashing by 57 percent in just four days of trading earlier this month.
The UniSwap’s governance token was trading about 30 percent higher from its session low at $3.68. Traders came back to raise their bids for the crypto as its rivals in the decentralized finance space continue to face a market-wide bearish pressure.
So it appears, UNI was among the only DeFi tokens that surged by a double-digit percentage on a 24-hour adjusted timeframe, according to data fetched by Messari.
Chart analyzer Michaël van de Poppe anticipated a “slight trend shift” following the latest UNI rebound. The Netherlands-based analyst added that the token needs to hold $3.75-3.90 as support to ensure an extended upside.
“If so, a higher low is constructed and the price of UNI can continue moving upwards,” he said.
UNI trade setup presented by Michaël