- Uniswap price analysis suggests upwards movement to $5.50
- The closest support level lies at $5.00
- UNI faces resistance at the $5.150 mark
The Uniswap price analysis shows that the UNI price action has made an upwards breakout moving above the $5.120 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements with low volatility. Major players include TON and LTC, recording a 7.29 percent and a 6.42 percent decline, respectively.
Uniswap price analysis: UNI breaks above the $5.10 mark
The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bearish momentum as observed in the low depth of the histogram. On the other hand, the indicator’s darker shade suggests that the bullish momentum is increasing across the timeframe as the price breaks above the $5.10 mark.
The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, the two EMAs are moving close together showing low momentum on either side of the market. At the same time, the diverging EMAs suggest an increase of buying activity in the markets.
The RSI has been trading in the neutral region for the last 12 days as the price action observed low volatility across the timeframe. Now, the index is trading at the 54.10 unit level with a slight upwards slope. The indicator does not issue a signal at the moment while the low slope suggests low bullish pressure at press time.
The Bollinger Bands have been narrow for the past seven days as the price action observes low volatility and continues to trade near the $5.00 mark. At press time, the indicator’s bottom line provides support at $4.986 while the upper limit presents a resistance level at the $5.148 mark.
Technical analyses for UNI/USDT
Overall, the 4-hour Uniswap price analysis issues a buy signal, with 10 of the 26 major technical indicators supporting the bears. On the other hand, eight of the indicators support the bears showing strong bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.
The 24-hour Uniswap price analysis does not share this sentiment and instead issues a sell signal with 14 indicators suggesting a downward movement against only two of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Uniswap price analysis?
The Uniswap price analysis shows that after falling to the $5.00 mark. The price swiftly recovered to the $5.400 mark but failed to climb any higher. Since then, the price was trading around the $5.200 mark until it fell to the $5.00 mark.
Traders should expect UNI to move upwards to the $5.200 mark as the bulls take the reins from the bears. While the 24-hour charts remain bearish, it is mainly because the mid-term technicals are yet to react to the recent movement. If UNI breaks above the $5.200 mark, the bulls would initiate a rally to the $5.500 mark. However, bearish pressure still haunts the price action that may make this difficult.