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Uniswap price analysis: UNI/USD tests $10.6, is a bullish wave incoming?

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TL;DR Breakdown

  • Uniswap price analysis is bullish for today
  • UNI/USD prices are facing rejection a $10.40
  • Support for Uniswap prices has been established at $9.76
Uniswap price analysis: UNI/USD tests $10.6, is a bullish wave incoming? 1
Source: Coin360

The Uniswap prices opened the daily market trading session at $9.76, as the bulls kept pushing higher after yesterday’s close at $9.51. The market bulls were able to push UNI/USD prices as high as $10.40 but were met with some selling pressure that has seen the price retrace slightly back to where it currently trades around $10.24.

The Uniswap price analysis shows that the UNI/USD pair has seen some consolidation just below the $10.40 level as the bulls and the bears battle for control of the market. The prices have been moving between a range of $9.76 to $10.39, recording an increase of 4.0 percent from their previous prices in the last 24 hours.

Uniswap price movement in the last 24 hours: UNI/USD forms a bullish engulfing pattern

The UNI/USD prices formed a bullish engulfing pattern on the daily chart, indicating that the bulls are in control of the market. The engulfing candle has a high of $10.40 and a low of $9.76, which is greater than the previous candle’s high and low as per Uniswap price analysis. This suggests that the bulls are pushing the prices higher and could take them past the $10.40 resistance level. The bullish engulfing pattern indicates that the prices could surge higher in the near future. The $10.40 resistance level could be broken, which would pave the way for prices to reach new highs.

Uniswap price analysis: UNI/USD tests $10.6, is a bullish wave incoming? 2
UNI/USD 1-day price chart, source: TradingView

The RSI is also above the 50 level, which shows that there is bullish momentum in the market. The Relative Strenght Indicator is residing towards the overbought region, which suggests that the prices could be due for a correction in the near term. The MACD line is seen to be crossing above the signal line, which is a further indication of bullish momentum in the market. The Stochastic oscillator is also in overbought territory, indicating that a pullback could be imminent.

Uniswap price analysis on a 4-hour time frame: UNI/USD retraces from highs as bulls take a breather

The UNI/USD prices surged higher on the 4-hour time frame, but have retraced slightly as the bulls take a breather. The prices are trading just below the $10.40 resistance level and could resume their uptrend if this level is broken. The $9.76 support level could provide some respite for the prices in case of a sell-off. The RSI is seen to be just below the 70 level, which suggests that there is room for further upside potential in the market.

Uniswap price analysis shows the MACD line is crossing above the signal line, which is a bullish sign. The Stochastic oscillator is also in overbought territory, indicating that a correction could be on the cards. Moreover, the moving average (MA) lines are seen to be in bullish alignment, suggesting that the bulls could take the prices higher in the near future.

Uniswap price analysis: UNI/USD tests $10.6, is a bullish wave incoming? 3
UNI/USD 4-hour price chart, source: TradingView

The bullish engulfing pattern on the daily chart is a positive sign for the UNI/USD prices and could take them past the $10.40 resistance level. The Uniswap market volatility is also on the rise, which is a bullish sign. The UNI/USD could continue to surge higher in the near term as the market sentiment remains positive.

Uniswap price analysis conclusion

Uniswap price analysis shows a firm upward movement. UNI/USD pair prices are giving hopes of a breakout from a long-term descending trendline. The market is also seeing some good buying support near $9.76, which could lead to further upside potential in the prices. The overall market sentiment is bullish, and Uniswap prices are expected to continue rising as long as buyers maintain control of the market. However, if the selling pressure increases, we could see UNI/USD prices retrace back to the $9.76 support level.

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.
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Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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