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Uniswap price analysis: UNI/USD trades at $5.92 after a bullish run

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TL;DR Breakdown

  • Uniswap price analysis shows a bullish trend
  • UNI/USD prices have sought support at $5.43
  • Resistance for UNI/USD is seen at $5.95

Uniswap price analysis for January 9, 2023, shows bullish momentum. The Uniswap token (UNI) is currently trading at $5.92 and has surged by over 8.2% from the opening price of $15.47. On the upside, there is a strong resistance level at $5.95, which is faced by the bulls on their rally today, however, a move of either side that breaks through this level could spark more momentum for the price of Uniswap, while the support for the UNI/USD pair is at $9.80. Over the past 24 hours, UNI has seen a steady increase in its market cap and trading volume, rising from $4.16 billion to $4.4 billion and from $35 million to $92 billion, respectively.

Uniswap price analysis 1-day chart: Bullish uptrend marks UNI price above $5.92

The one-day Uniswap price analysis reveals an uptrend in the crypto market, with UNI/USD trading at around $5.92, up by 8.2% in the last 24 hours. The week started with the crypto market in a positive mood as bullish traders were likely to be behind the spike in Uniswap’s price. 

image 179
UNI/USD 1-day price chart, Source: TradingView

The moving average convergence and divergence (MACD) line and a signal line show a bullish crossover. It seems that the bulls have claimed the market for themselves and are on their way to maintaining this dominion for the next few weeks. Furthermore, the RSI has broken into the overbought territory at 46.94, signaling that the market is overbought and could see a pullback. The market’s volatility is on the higher side, indicating that investors are willing to take risks in their trading. The upper band of the Bollinger bands indicator is present at the $5.720 mark and the price is traveling towards the upper band, whereas the lower band is present at the $4.905 mark

UNI/USD 4-hour price chart: Recent developments and further technical indications

The hourly Uniswap price analysis shows that this confirms a strong bullish trend for the day. Looking ahead, if the UNI price can hold above $5.92, it could target the next resistance level at $5.95 and then a strong psychological level of $6 in the near term. On the downside, initial support is seen around $5.54 and then $5.43.

image 180
UNI/USD 4-hour price chart, Source: TradingView

The relative strength index (RSI) is currently at 61.23, which is still in overbought territory and indicates that the market is overheated. The MACD is in the bullish region and shows that the bulls have been dominating the market. Investors and traders should look for buying opportunities on any dips toward $5.92 or $5.90 in the near term. The Bollinger band’s upper value is 5.880, representing the resistance for UNI, whereas the lower value is 5.237, representing the strongest support for the UNI price.

Uniswap price analysis conclusion

 The overall sentiment in the crypto market is bullish, and investors are likely to remain optimistic about the future. The market outlook for Uniswap looks positive, as bulls are on their way to extending this uptrend in the crypto market for UNI/USD. As long as the current support level holds and no bearish movements emerge, it seems likely that we can expect further gains for the price of Uniswap today and in the near future.

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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