Uniswap price analysis shows that the UNI/USD pair has been on a bullish trend since the beginning of today. The prices reached a high of $8.40 yesterday and have been consolidating since then. The bulls are currently facing resistance at $8.57, and a breakout above this level could see the prices move higher to $9.00. However, the prices have strong support at $6.77, and a dip below this level could see the prices retrace to $5.00.
The UNI/USD pair is currently trading at $8.40 and up by 1.9 percent in the last 24-hour. The market capitalization of the coin stands at $1.66 billion, and the trading volume in the last 24-hour was $526 million. The coin is currently ranked at number 18 on CoinMarketCap.
Uniswap price analysis on a 4-hour time frame: UNI/USD retraces from highs as bulls take a breather
On the 4-hour time frame, Uniswap price analysis shows that the UNI/USD pair has retraced from the highs of $8.40 as the bulls take a breather. The price has been trading in ascending channels for the last 4-hours of trading. The ascending channels are a bullish sign and indicate that the bulls are in control of the market. The bears are currently trying to push the prices lower, but the bulls are likely to defend the $8.00 level.
The MACD indicator is currently in the bullish zone and is growing stronger. This indicates that the bulls are gaining momentum and are likely to push the prices higher in the short term. The RSI indicator is currently at 60, which indicates that the market is neither overbought nor oversold. This suggests that there is more room for the prices to move higher before reaching overbought levels. The price for the coin is currently trading between the 10-day and 20-day simple moving averages, which indicates that the market is in a consolidation phase.
Uniswap price action on a 1-day price chart: UNI/USD prices trade above $8.40
The daily price chart for Uniswap price analysis shows that the prices have formed higher highs and higher lows to indicate a bullish trend in the market. The digital asset surged higher yesterday as it broke out of the descending triangle pattern. UNI/USD pair is likely to retrace lower as it faces some resistance at $8.57 and support of $6.77. The bullish engulfing pattern indicates that the bulls are in control of the market as the buyers are stepping in after the recent sell-off.
The Relative Strength Index indicator is above 50 and is currently growing stronger, which indicates that the bullish trend is likely to continue. The Stochastic RSI indicator is also in the overbought zone, which suggests that the prices might retrace lower before resuming the uptrend. The MACD indicator Line blue and the Signal line are both in the bullish zone, which is a further indication of the bullish trend. The 10-day and 20-day SMA are both trending upwards, which is a confirmation of the bullish trend in the market.
Uniswap price analysis conclusion
Uniswap price analysis shows that UNI/USD prices have surged higher and have broken out of the descending triangle pattern. The market is fighting some resistance at $8.57, but the bulls are likely to push the prices higher to $9.00 in the short term. The indicators for the coin are all issuing bullish signals, which is a confirmation of the uptrend.
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