Uniswap price analysis: Bullish momentum pushes UNI above the $6.38 support level

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis is bullish today at $6.49
  • Resistance is found at $6.54
  • Strong support is present at $6.38

Uniswap price analysis shows bullish momentum is taking the price higher every day. The recent bullish wave had brought brighter prospects for UNI/USD as the crypto pair had gained significant value since the morning when the bulls took over the price function and started to elevate the price level by taking the bar higher every time.

Yet, there has been no considerable bearish hindrance seen as the bulls continue to rally high on a daily basis, however, corrections have been observed on a chart. The next resistance for UNI/USD is present at the $ 6.54 level. On the contrary, support for the coin is present at the $6.38 level, just above the psychological mark of $6.38.

Uniswap price analysis 24-hour chart: Bulls mark 1.48 percent in the last 24 hours

The chart shows that Uniswap price analysis is trending in a bullish pattern and the recent surge indicates the bulls have taken over the market. Uniswap price is currently moving around $6.52, but it has come from its support point at $6.38 where buyers had stepped in to greet the coin with more gains soon after the price started reeling from its high. The trading volume for the 24-hour period is at $49 million and the market capitalization stands at around $4.94 billion.

image 214
UNI/USD 1-day price chart, source: TradingView

The volatility is mild, with the Bollinger bands showing no considerable change, but the lower end of the indicator is traveling slightly upwards. The upper Bollinger band is at $7.23 and the lower band is at $6.19, indicating a short-term tight range for Uniswap price analysis. The relative strength index (RSI) is trading on an upwards slope at 54.32, indicating that the buyers have some more power over the market and could take the coin higher in the near future. The moving average is moving in a bullish pattern, which gives more confidence to the buyers.

Uniswap price analysis: Recent bull rally is backed by positive news

The 1-day price chart for Uniswap price analysis shows that an increase in price has been observed today as today’s price has been rising consecutively. The price has reached $6.49 at the time of writing, and a further increase is also possible. The UNI/USD shows that after the price broke upward today, bears ruled for the past few days, hindering further upwards movement. However, the damage was comparatively small, and bulls have taken over the market again as the price is rising again.

image 213
UNI/USD 4-hour price chart, source: TradingView

The volatility is high on the 4-hour chart, with the upper Bollinger band at $6.60 and the lower band at $6.27, indicating a short-term tight range for Uniswap price analysis. The moving average is trading at the $6.47 mark below the price level. The RSI shows an almost straight curve trading at index 43.22, indicating balanced buying and selling activities with a slight inclination towards buying side, which is a hopeful sign for a further move higher.

Uniswap price analysis conclusion

The Stacks price analysis shows the coin is covering the range upwards as bullish momentum is healthy. The 4-hour price function is also hinting at a further increase in price. If the bullish momentum continues, the UNI/USD may face selling pressure at the $6.54 resistance level. If the selling pressure exceeds and the price falls back, UNI will look for support near the $6.38 support zone.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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