The price is moving upwards once again in the latest Uniswap price analysis as the bullish momentum returned to the market today. The bearish pressure that was seen on 14 February has now been reversed as the bulls are pushing UNI/USD price above $6.85. The Uniswap price had dropped below $6.34, a low point in the recent trading range but the bulls were able to recover from the dip with support at $6.54.
The UNI/USD pair is currently trading near the $7.00 resistance level, which could be a major barrier to further bullish momentum. If the price manages to stay above this level, then it could continue its recent uptrend and reach higher levels in the coming days. On the other hand, if UNI/USD fails to sustain itself above this key resistance level, then it could face strong bearish pressure and retrace some of its recent gains.
Uniswap price analysis 1-day price chart: UNI/USD finds support after the recent upturn
The one-day Uniswap price analysis chart shows that the price has been moving upward after finding strong support at $6.54. The past week has seen the price of UNI/USD consolidating within a trading range between $6.34 and $7.00, but it seems that the bulls are now pushing for a breakout above this range. At the time of writing the Uniswap price is trading at $6.85 with an increase of 4.40% in 24 hours.
The 24-hour trading volume has also increased to $132 billion, indicating that the bulls are still in control of the current market situation. The market cap also stands at $5.21 billion, which is an improvement from the previous day’s market cap.
The volatility has increased today, which is why the Bollinger bands are expanding on the 1-day chart. Moreover, the Bollinger bands Indicator is showing a change in values as now the upper value is $7.26, and the lower value is $6.16. The Relative Strength Index (RSI) is also in the overbought territory with more buying pressure than selling pressure. The moving average convergence divergence (MACD) is also in the positive zone, with the signal line below the MACD line.
Uniswap price analysis hourly chart: UNI/USD price has seen a strong recovery
The hourly Uniswap price analysis indicates an increase in buying pressure as the price has moved up from $6.54 to around $6.85. The green candles on the hourly chart indicate that the bulls were able to sustain their momentum for a longer duration and bring about a strong recovery. The market has formed a bullish pattern in the hourly chart, with high chances of the breakout above the $7.00 resistance level.
The Relative Strength Index (RSI) has increased up to index 64.81 again after the buying activity seen during the last four hours. The Moving Average Convergence Divergence (MACD) is also in the positive zone and is signaling a bullish momentum in the Uniswap price analysis. The Bollinger bands are also expanding which is an indication of increased volatility in the market. The upper value of the Bollinger bands is $7.00 and the lower value is $6.03.
Uniswap price analysis conclusion
Overall, Uniswap price analysis shows that bulls are back in control of the market and have lifted UNI/USD above the $6.85 resistance level after a bullish recovery from support at $6.54. The indicators are showing that the price could continue to rise and break past the $7.00 resistance level if bulls manage to sustain their momentum. However, a decrease in buying pressure or an increase in selling pressure could lead to a bearish retracement in UNI/USD.
