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Uniswap price analysis: Bears overwhelm bulls as $7 resistance poses challenge

Uniswap price analysis
TL;DR Breakdown
  • Uniswap price analysis shows a slight uptrend
  • UNI/USD closest resistance is at $8.
  • Uniswap found support at $4.62.

Uniswap price analysis for today shows that the UNI/USD pair has been following a slight uptrend. The market opened at $7.02 and reached a high of $7.19. The price corrected lower to $6.97 but found support at this level. The bulls pushed the price back up to $7.04, which is where it currently trades.

On the hourly chart, you can see that the price has been following an ascending channel since yesterday. It made two unsuccessful attempts to break out of this channel to the upside but failed on both occasions. However, the third attempt looks promising as the bulls have managed to push the price above the upper boundary of the channel. The next resistance level is at $8, which is where the 100-day moving average is located.

Uniswap price analysis on 1-day analysis: UNI/USD pair in a bullish trend

The Daily chart for Uniswap price analysis shows that the coin is following an uptrend. The market opened at $7.02 and reached a high of $7.19 but corrected lower to $6.97 and found support. The bulls pushed the price back up to $7.04, which is where it currently trades. On the hourly chart, you can see that the price has been following an ascending channel since yesterday.

uni 1d
Source: TradingView

The overall market for the UNI/USD pair is currently bullish, as evidenced by the moving averages. The 50-day moving average is above the 100-day moving average, which indicates that the market is in an uptrend. Furthermore, the RSI indicator is currently trading at 62, which is indicative of a bullish market.

It is important to note that the UNI/USD pair has reached a key resistance level at $8 and a breakout above this level is needed for the bulls to take control of the market. The current price analysis of Uniswap shows that the UNI/USD pair has been following a slight uptrend. The market opened at $7.02 and reached a high of $7.19.

Uniswap 4-hour price analysis: Recent price developments development

On the 4-hour Uniswap price analysis chart, the price is in an ascending channel. the price has formed bullish flag patterns that are often seen as a continuation of the trend. Currently, the price is testing the upper boundary of the channel for the third time.

A breakout above this level could see the UNI/USD pair target the $10 level. On the downside, if the bulls fail to push the price above the upper boundary of the channel, we could see a move back towards $6.5 level

uni 4h
Source: TradingView

The Bollinger bands are currently in a squeeze, which is an indication that the market is about to make a move. The upper and lower Bollinger bands are converging and this usually signals that the market is about to make a breakout.

Uniswap price analysis: Conclusion

Uniswap price analysis found support around $4.62 and the bulls have pushed the price back up to $7.04. The overall market for UNI/USD is currently bullish as evidenced by the moving averages and the RSI indicator. However, a breakout above the $8 resistance level is needed for the bulls to take control of the market.

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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Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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