Uniswap price analysis is showing an uptrend today, as the coin has risen from $4.80 to over $6.13 in just one day. The token is seeing significant support at the $5.69 level, with buyers stepping in and pushing prices higher each time it drops below this point.
At press time, the coin is facing rejection at the $6.22 level of resistance, which may be its peak for the day if bulls fail to break through this barrier soon.
The bullish momentum seen today was driven largely by increasing demand for UNI tokens among traders and investors. The token has seen an influx of new buyers in recent weeks, as it has become increasingly attractive due to its low transaction fees and wide range of DeFi services available on the platform.
UNI/USD 1-day price chart: Uniswap price rises in a massive bull run
The one-day price chart showing Uniswap price analysis is going smoothly towards a restoration of the coin value. For the last few days, the coin experienced significant loss as the trend line has been falling, but today it has reversed and is now pointing upwards. During the day, the price was hovering between $5.69 and $6.22, but it then rose significantly, peaking at around $6.13 with a massive gain of 26.5 percent. The trading volume has also increased by more than 85 percent over the past day, and the moving average (MA) is trading around $6.01 below the current price level.
The SMA 20 is going lower than the SMA 50 curve, as the trend was steeply downwards before 10 March 2023. The volatility is also high on the 1-day chart, indicating that the bullish momentum may further intensify. The Bollinger bands show the upper band at $7.12, while the lower band is present at the $5.53 mark. With the continuous increase in price, the Relative Strength Index (RSI) also went up to index 46.71, which is quite impressive considering the current market situation.
Uniswap price analysis 4-hour chart: Recent updates
The 4-hour price chart for Uniswap price analysis displays positive signs for the bulls as the price levels are increasing on a regular basis. The hourly trend is also the same as after every correction, bulls are taking the game to another height, and the price is expected to cross the $6.22 resistance, which is currently under test.
The Bollinger bands are diverging sharply on the four-hour chart, with the upper value climbing to $6.25 and the lower one going down to $5.18. The upper band is showing more divergence, which hints at a possibility of a further increase in price levels in the coming hours. The RSI curve traveled down during the last correction, but now it has taken a turn and started an upward movement, with the score reaching index 62.05, indicating the buying momentum returning in the market.
Uniswap price analysis conclusion
From the above Uniswap price analysis, it can be concluded that UNI has turned bullish and is poised for further upside. The buyers have stepped in and pushed prices higher, with support holding strong at $5.69. The coin is currently facing rejection at the $6.22 resistance level but may break through it soon if more buyers join the market.