- Uniswap price is expected to rise to $25
- The closest support level is at $24
- Uniswap price faces resistance at the $25 mark
After finally climbing past the $28 mark, Uniswap price failed to continue its bullish rally and the price has steadily decreased to just below $25.While the price at press time holds just below $25, the price volatility is high and the price may fall further in the future if the selling continues.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major Players include Dogecoin, and BNB that record a 4.08 and a 4.71 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 10.21 and a 3.78 percent hike
Technical indicators for UNI/USDT
Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator has been bullish since yesterday and has steadily gone back up to the -0.34 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.
The RSI is currently trading in the neutral zone a little below the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 2 days. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level and that the buyers are fighting back.
The Bollinger bands are currently wide and will further expand in the future due to the presence of dark green candlesticks at the end. The bands’ expansion suggests an increase in volatility for the Uniswap price. Meanwhile, as the price is consolidating above the bands’ mean line, the price will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a weak sell signal with 9 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only eight indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 12 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing .
What to expect from Uniswap price?
Traders should expect Uniswap to have a small bullish movement and for the price to go up to at-least $25 .After which Uniswap price will go down to its support level as the short and midterm indicators give a bearish trend lowering the price to at-least $24 before it can challenge the $25 again.
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