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Uniswap price analysis: UNI/USD to break above $11 soon

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TL;DR Breakdown

  • Uniswap price analysis is bullish today
  • UNI/USD pair is at $10.39.
  • The closest resistance is at $10.8.

Sellers dominated the market towards the closure of yesterday’s price analysis chart, causing a price decline. When today’s chart opened, bulls stormed into the market, reversing the bearish trend.

UNI/USD pair is at $10.39. As observed on the daily chart, UNI/USD has broken above the descending trendline it formed since December, which will continue to provide resistance for now.

UNI/USD pair has tested areas of interest multiple times before forming a clear resistance or support level. It is still too early to predict if the price shall continue upwards to retest $10.8 or whether it will break below $9.5.

We expect further resistance at $12 and $13, although these levels may not necessarily occur anytime soon considering how much sellers dominated today’s session pushing prices significantly lower than yesterday’s high of $10.6.

UNI/USD price movement in the last 24 hours: Bulls dominate the daily chart

The closest resistance is at $10.8. Price action has tested this level several times in the past weeks. Each time, buyers have successfully defended it, meaning that there are enough of them waiting to buy against any significant sell-offs pushing the price back below this level.

Uniswap price analysis: UNI/USD to break above $11 soon 1
UNI/USD 1-day price chart. Source: TradingView

Bulls have stormed back into the market today, pushing prices higher, after being on a downward trend for most of yesterday’s session. However, it is still too early to declare an end to this rising swing, especially given that UNI/USD has been experiencing a significant sell-off over the last several days. If sellers maintain their position in the market, expect to see price action test important support levels at $10 and $9.5 repeatedly until a consensus is formed among buyers or a breakout occurs in either direction.

It’s uncertain whether this recent push was sustained or just temporary, given that there was no major news driving it other than short sellers likely closing their positions to take profits off the table.

For now, it’s a wait-and-see mode for whether recent bullish momentum will continue to overpower bears or not, but there are certainly strong indications for bulls to make another push up the charts soon.

UNI/USD 4- hour price analysis: Technicals are bullish for UNI/USD pair

So far, bulls have defended the $10.8 mark several times before selling pressure starts pulling prices back down towards $10. As long as these levels hold, expect upward movement from here, but if they fail, look for UNI/USD pair to retest swing lows at $9.5.

Uniswap price analysis: UNI/USD to break above $11 soon 2
UNI/USD 4-hours price chart. Source: TradingView

The  MACD has moved into the bullish zone since yesterday. As you can see on the chart, both 12-day EMA and 26-day EMA are trending northward, which indicates that the bullish trend is ongoing.

The RSI has increased since yesterday, indicating that buyers have become stronger and sellers have become weaker. The current RSI reading of 58 also shows that the UNI/USD pair is currently bullish.

Uniswap price analysis: Conclusion

It looks like bulls are set to make one last attempt to push the price upwards with a close above $11, but will they succeed? A bearish trendline is still intact, and it might continue its decline downwards, but what will happen in the end? Will UNI/USD retest swing lows, or will bull storm in soon enough with a higher high, reaching $11?

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.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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