Biggest Movers: UNI Higher, DOGE in Red on Saturday
Uniswap was in the green to start the weekend, despite cryptocurrency markets mostly consolidating. The token rebounded from losses suffered on Friday, moving closer to a key resistance level in the process. Dogecoin, on the other hand, fell lower on Saturday as traders attempted to find a stable point of support. Uniswap (UNI)
Uniswap (UNI) was one of Saturday’s notable movers, as prices rebounded from declines suffered the day prior.
After sinking to a bottom of $6.10 on Friday, UNI/USD marginally rebounded, climbing to a high of $6.27 in the process.
As a result of this, the token moved closer to a key resistance level of $6.35, which was last hit December 5. UNI/USD – Daily Chart
In order to recapture this point, UNI bulls will first need to rise beyond a ceiling of 56.70 on the relative strength index (RSI).
Currently, the index is tracking at a level of 54.75, which has contributed to the current market volatility, with traders unsure if they should maintain previous positions.
However, should we see price strength surge beyond the aforementioned resistance at 56.70, then it is possible that UNI bulls could send prices towards the $7.00 mark. Dogecoin (DOGE)
Dogecoin (DOGE) on the other hand remained in the red, following a failed breakout of a key resistance point on Friday.
Following a move to a high of $0.09858 yesterday, DOGE/USD dropped to an intraday low of $0.096 on Saturday.
The move comes as the meme coin was unable to surge past its ceiling of $0.0990 during Friday’s session. DOGE/USD – Daily Chart
Looking at the chart, this point of resistance coincides with another ceiling — that of the RSI.
As of writing, the index is currently tracking at 51.96, which is marginally below a ceiling of 53.00.
Should we see this wall broken, it is likely that the meme coin could head back towards the $0.1000 region.
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Do you expect dogecoin prices to rebound this weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend MARKET UPDATES | 9 hours ago Meme Coin Economy Heals After the FTX Fiasco Swelling by $1.4 Billion in 30 Days MARKET UPDATES | 20 hours ago
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