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Uniswap price analysis: Price progresses to $5.82 level as a result of bullish run

uniswap

TL;DR Breakdown

  • Uniswap price analysis is bullish today
  • The strongest resistance is present at $5.89
  • The strongest support is present at $5.68

Uniswap price analysis is bullish, with the UNI/USD pair rising to the $ 5.82 level. The price action recently created a bullish engulfing candlestick pattern, which indicates that the bears are losing control. Currently, the price is just below the channel’s upper boundary at $5.82. A breakout above this level could see Uniswap target the next resistance level at $5.829 level. On the other hand, a failure to move past $5.82 may see the price pull back to test support at the $5.68 mark. The trading volume of UNI/USD pair is currently at $96,826,451  over the last 24 hours, while the market cap is at $ 4,439,323,527 and is ranked #17.

Uniswap price analysis 1-day price chart: UNI gains over 1.00 percent overday

On the 1-day Uniswap price analysis chart, we can see that the price for UNI/USD has increased by over 1.11 percent as the bulls look to target the $5.89 resistance level. The bulls have been able to break past the barrier created by the descending triangle pattern. The bears might try to pull the prices back down to the $5.68 support level, but the bulls are showing strong signs of control.

image 13
UNI/USD 1-day price chart, Source: TradingView

The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 43.18, which indicates that the market is currently in a bullish state. The Moving average indicator is currently in the bullish zone, as the 50 SMA is located above the 200 SMA. The 50 SMA is currently at $5.786, while the 200 SMA is at $5.502 on the 24-hour chart. The MACD chart for Uniswap price analysis is further confirming the bullish trend as it shows an upward curve that points to further gains in the near future. 

UNI/USD 4-hour price chart: Bulls continue to dominate as Uniswap price nears $5.82

The 4-hour price chart for Uniswap price analysis shows that the cryptocurrency has encountered a bullish strike and has succeeded in breaking above the $5.79 level. This move has seen the UNI/USD pair target the $5.82 level, which is the current trading mark at this time of writing. The RSI indicator is currently at the 60.00 level, which indicates that the market is neither overbought nor oversold.

image 12
UNI/USD 4-hour price chart, Source: TradingView

The 50 SMA is currently providing support for the UNI/USD pair as it is located below the current trading price. However, the 200 SMA is slowly catching up, and a crossover between these two moving averages could see Uniswap target higher prices. The Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state. The MACD line (blue) is above the signal line(red), which reveals that bullish are in control of the market.

Uniswap price analysis conclusion

From the above analysis, it can be concluded that Uniswap prices have a slight bullish bias. The digital asset is currently trading at a key junction, and a breakout from either side of the range could set the tone for the next move. Both the hourly and the daily technical indicator are currently in a bullish state, and they are indicating that the bulls have the upper hand in 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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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