Uniswap price analysis shows a continuation of the ongoing bullish momentum. Today again, an increase in price has been observed as the price rose from $5.28 to a high of $5.51, with strong support at the level of $5.28. As can be seen on the chart below, UNI has been able to break out of the downward trend and is now trading in an uptrend that could take it much higher over the next few days.
Uniswap seems to be following the trend as the other crypto majors are also gaining, with Bitcoin gaining more than 0.74% and Ethereum gaining close to 2.86%. The overall sentiment in the market is bullish after Bitcoin breached its all-time high of $16,838. As a result, investors are turning their attention to other cryptocurrency projects as well, which could be fueling UNI’s upswing.
UNI/USD 1-day price chart: Bulls successfully cross the $5.58 resistance
The 1-day price chart for Uniswap price analysis shows the UNI/USD has successfully breakthrough the resistance level of $5.58 as the price is trading at $5.51 at the time of writing. Overall UNI/USD pair gained a value of more than 2 percent over the last 24 hours, and the coin has been up by more than 37.22 percent over the course of the last seven days. The trading volume is up by 23 percent, and the market cap has also seen a surge of more than 2.38 percent.
The volatility is increasing in the past few days and the bulls seem to be in full control at the moment. The Upper Bollinger Band is hovering around $5.51, and the price can surge toward it over the coming days, While the lower Bollinger Band is at $4.98, which can serve as a key support level in case of any dip. The Relative Strength Index (RSI) indicator has also moved above the 41.95-mark indicating some bullish momentum. The moving average(MA) indicators are also in the favor of the bulls at the moment.
Uniswap price analysis: Recent developments and further technical indications
The 4-hour price chart for Uniswap price analysis shows the price function is upwards from the start of today’s session as bulls regained control after a brief bearish stop. The price is being observed going further high at the time of writing as bulls dominate the market. The moving average (MA) is below the price level at $5.42, with the 50-day MA at $5.38 and 200-day MA at $5.45, indicating a bullish trend for the coin in the near future.
The volatility is medium, but the Bollinger bands hint at an increase in volatility in the coming hours as a little divergence can be seen appearing on the upper and lower bands. However, the price is below the upper band but is still trading near it. The RSI is at 66.93 index in the overbought zone and shows signs of further going up. On the 4-hour chart, the RSI has remained in the overbought zone for most of the time during the last two days. The RSI shows intense buying in the market.
Uniswap price analysis conclusion
According to Uniswap price analysis, the current market sentiment is bullish with signs of further upside. The market is in favor of the bulls, and UNI is likely to continue its current uptrend. The buyer’s volume is also on the rise and if this trend continues, UNI could reach a new all-time high soon.