Uniswap price analysis is showing a slight improvement in the price today, as it has slowly reached the $6.86 level. The bullish momentum had helped in the partial recovery of the coin value for the last few hours of the da, as market participants strive to purchase the token at its current levels.
Yet, the bulls have taken a small step toward recovery now as green candlesticks are appearing in the updated price chart. A further upgrade is to be expected, as the bulls are trying to take full advantage of the opportunity at hand. However, if the bulls fail to push the price beyond $6.96, then a reversal in the trend could be expected.
UNI/USD 1-day price chart: Uniswap continues a slow recovery
The 1-day Uniswap price analysis indicates a bullish activity, which has been favoring the buyers as the price level has improved today. The bulls have been able to recover the price up to $6.86, as the coin has gained around 0.53 percent value during the last hours. The recovery has been slow as the selling pressure was still present in the market.
The technical indicators have also been favoring the bulls, as the MACD and EMA lines are showing a slow but consistent bullish crossover. The EMAs are currently trading close to the mean position as net price movement over the last 4 hours has been neutral. The MACD line has crossed the signal line from bottom to top. This crossover could be indicative of a positive trend in the market. The RSI has been trading in the neutral region for some time but it was trading below the mean level for the past few hours. Now, the index has risen up and continues moving upwards as it trades at 58.58 at press time. The indicator issues no signals while the upwards slope shows bullish pressure.
Uniswap price analysis: Bulls need to break above $6.96 for further progress
The Uniswap price analysis showing 4-hours progress is giving out a bullish signal, as the bulls are putting their efforts to avail any chance of recovery. The price breakout was also downwards, but later on, the trend turned bullish, and selling pressure was seen again during the last four hours as well. The bulls are trying their best to push the price beyond the $6.86 resistance level, but they face stiff resistance from the market sellers who are not willing to let go of the coin at this level.
The 9-EMA and 21-EMA lines are still trading close to each other as the price has not made any significant progress yet. The MACD line is also increasing and trading above zero, showing that buying pressure is present in the market. The RSI is also trading near 50, indicating that the bulls are going to have a hard time breaking $6.96 for further progress.
Uniswap price analysis conclusion
Uniswap price analysis is showing a rise in price as the coin value has recovered up to the $6.86 level. The bulls have been able to overcome the intensifying bearish momentum and have been able to restrict the price from going down further. However currently, the price is correcting again, but we expect it to start moving upward after correcting for four hours. Though a major recovery doesn’t seem possible today, the price is expected to be capped in greens.