Uniswap price analysis: Bulls dominate as traders cheer $24 resistance breach

Uniswap price analysis Bulls dominate as traders cheer resistance breach

TL;DR Breakdown

  • Uniswap price analysis shows a bullish trend.
  • Support is present for UNI/USD at $23.4.
  • Strong resistance is present at $26.3.

The Uniswap price analysis is strongly bullish today. The cryptocurrency reports a significant increase in price since the start of today’s session, gaining a value of more than 2.5 percent over the last 24 hours. The UNI/USD pair is trading hands at $24.4 at the time of writing, and a further increase in price value is also expected in the coming hours.

The last four days have been beneficial for the UNI/USD pair as the bulls have overtaken the bearish trend and defined an upward price trend line during this period of time. The bearish side showed some resistance at different intervals, but the bullish momentum outperformed them.

UNI/USD 1-day price chart: Bulls reclaim first crucial resistance

The 1-day price chart for Uniswap price analysis shows UNI/USD price successfully climbed above the first and the strongest resistance of $24 in a swift move. Bulls are aiming for the next strong resistance of $26.3, though a challenging task, but bulls are effectively carrying their lead.

Uniswap price analysis: Bulls dominate as traders cheer $24 resistance breach 1
UNI/USD 1-day price chart. Source: TradingView

The volatility is mild for UNI/USD pair as the Bollinger band don’t show any notable deviation with the upper band at the $27.4 mark and the lower band at the $18.7 mark, the mean average line is below the price level at $23, the crossover happened yesterday.

The relative strength index (RSI) has moved in the upper half of the neutral zone and is found at 52 index and is on an upwards trend, suggesting a buying activity taking place in the UNI/USD market.

The MACD oscillator is bullish, as is evident from the dark green color of the histogram and the appearance of taller bars. The bullish crossover was observed on 28th September. The indicator shows a strengthening of the bullish momentum.

Uniswap price analysis: 4-hour price function

The 4-hour chart for Uniswap price analysis further confirms the nonstop bullish momentum, as continuously green candlesticks are appearing on the charts. The price movement has been upwards for the last 12 hours, and no signs of selling pressure have been observed yet.

Uniswap price analysis: Bulls dominate as traders cheer $24 resistance breach 2
UNI/USD 4-hours price chart. Source: TradingView

The price has almost reached the upper limit of the Bollinger bands and looks like surpassing it, giving strong bullish indications. The Bollinger bands seem to be taking an upwards breakout on the 4-hour chart as the bands are slightly taking a curve upwards, showing good prospects for the cryptocurrency in the coming time. The relative strength index (RSI) has also shot upwards and is present at 61 index on a steep upcurve, indicating strong buying activity at the press time.

The short-term and the mid-term moving averages (MA) and exponential moving averages (EMA) all favor the bullish side of the market, suggesting buying of UNI/USD assets. The oscillators mostly are neutral, but the most important ones, the MACD, and the Momentum oscillator, support the bullish side and are encouraging buying decisions.

The Uniswap price analysis: Conclusion

The 1-day and 4-hour Uniswap price analysis and the technical indications as discussed above are all in favor of the buying of UNI/USD assets, thus supporting the bullish momentum. UNI/USD pair is expected to touch $25.5 in the coming hours if the bullish momentum continues.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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