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Lately, the broader market has been relatively quiet as most assets continue to linger in consolidation. For DeFi tokens Uniswap (UNI) and Synthetix (SNX), it has been pretty much the same.
However, the 7-day performance of UNI and SNX has been noteworthy. At the time of writing, CoinMarketCap showed that SNX had gained 28.48% in the last seven days. UNI, on the other hand, also had an impressive double-digit performance with a 16.87% hike within the same timeframe.
But there has been something peculiar to both projects recently. For instance, Synthetix finalized a partnership with Chainlink (LINK) to enhance cross-chain liquidity.
In the same vein, Uniswap also upgraded to UniswapX in line with its goals to protect its users and offer better liquidity. Despite the developments, the SNX prices decreased in the last 24 hours. However, UNI’s price went upward, and here’s what could happen next.
Uniswap (UNI)
In the UNI/USD 4-hour chart, bulls confirmed a solid buying position at $5.68. Despite congestion around $5.89, UNI was able to breakout out of the tight trading range— suggesting a bullish pattern.
The uptrend was also reinforced by the Exponential Moving Average (EMA). At press time, the 20 EMA (blue) had crossed over the 50 EMA (yellow). This infers that traders are bullish on the price action.
However, traders may need to watch for the suppressing volume. If the volume continues to fall, then UNI may fall back to the support at $6.05.
Conversely, a surge in volume might back the price action, and the $6.05 region could act as support for the token. If UNI gets support from buyers, then a move toward $7 could come into play.
Synthetix (SNX)
For SNX, the tides have changed since reaching $2.97 on July, 14. After massive profit-taking, the token dropped to $2.62. Since then, SNX had struggled to re-hit the peak mentioned above.
Furthermore, SNX might continue consolidating around the $2.62 to $2.68 region. Also, the Bollinger Bands (BB) showed that SNX’s previously-high volatility has reduced.
The indicator also backed the consolidation bias since none of the upper or lower bands touched the SNX price. However, $2.63 might be a good level to watch. If the lower band of the BB reaches this value, then SNX could recover.
Considering the analysis above, UNI’s value has the potential to increase. But this would depend on the sustenance of the buying pressure. For SNX, it might continue to hover around the $2.64 region. However, increased demand around $2.63 could send the token northward again.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.