Uniswap, Polkadot price Analysis: August 5, 2021

  • Altcoin’s led by Uniswap, Polkadot, and Solana, break away from Bitcoin to post remarkable double-digit gains.
  • Ethereum prepares for the London hard fork that could trigger an altcoins’ rally.

Crypto assets across the board are flexing their muscles following the correction from last week’s highs and the sluggish price action toward mid-week. Bitcoin retested support at $38,000 before regaining the momentum to lift to $40,000.

Ethereum is up 8.9%, several hours ahead of the much-awaited London hard fork. The upgrade is expected to lower gas fees for users transacting on the blockchain. In addition to that, smart contracts will benefit from the upgrade, especially with lower deployment costs.

Uniswap:-

According to live price data by CoinGecko, Uniswap is trading 11% higher over the last 24 hours. The decentralized finance (DeFi) token has attracted a $578 million trading volume across exchanges and boasts $12 billion as market capitalization.

The 12-hour chart shows UNI trading at $23 while bulls battle a short-term hurdle at $24. The price action has been impressive and consistent since the selloff in July, where Uniswap traded at $14.

Most technical indicators favor the uptrend after flipping bullish in July. The Moving Average Convergence Divergence (MACD) indicator shows that buyers have the upper hand. As long as the buy signal holds, UNI’s path with the slightest resistance would be upward toward $30.

Perhaps a break above $24 will trigger more buy orders as investors speculate the ultimate rally above $24. However, the RSI in the oversold areas, hinting at a possible correction before the uptrend resumes. Therefore, there is the need to proceed with caution.

UNI/USD 12-hour chart

UNI/USD price chart by Tradingview

Polkadot:

Polkadot bulls seem to have changed the narrative, launching another successful meeting to $20. Earlier in the week, the smart contract token corrected to $16.5, where support at the 50-day Simple Moving Average (SMA) brought back market stability.

As altcoins rallied on Thursday during the Asian session, Polkadot was not left behind. A recovery occurred, pulling the price to $20.

At the time of writing, DOT is trading at $19.2 while bulls throw heavy jabs at the $20 barrier. Trading past this hurdle would stir more bullish action as investors shift the target to $25 and later to $30.

DOT/USD daily chart

DOT/USD price chart
DOT/USD price chart by Tradingview

The MACD has sustained a bullish outlook since June, apart from some minor setbacks. With the trend momentum indicator above the mean line, the uptrend could remain intact longer. Therefore, buyers must concentrate on lifting above $20 to ensure that correction to the 50-day SMA is averted.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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