Uniswap price analysis shows that the UNI/USD pair has been on a bullish trend for the past few hours. The prices have been rejected at the $5.95 resistance level twice and are currently trading near the support level of $5.31. If the prices break below this support, they may drop to $5.11. On the other hand, if the prices break above the $5.95 resistance, they may raise to $6.19.
Cryptocurrencies prices heatmap, Source: Coin360
UNI/USD pair is currently trading at $5.80 and faces the immediate resistance of $5.95. Since yesterday, the trading volume has been gradually rising and is currently at $203,013,869. Digital assets have been on a bullish trend for the past few hours. While the volume market cap for most digital assets is in the green, Uniswap’s market cap has been struggling to sustain its position as it is currently at $4,145,242,763
Uniswap price analysis on a 1-day price chart: UNI/USD forms a bullish engulfing pattern
UNI/USD prices formed a bullish engulfing pattern on the daily chart, indicating that the bulls are in control of the market. The engulfing candle has a high of $5.95 and a low of $5.32, which is greater than the previous candle’s high and low as per Uniswap price analysis. This suggests that the bulls are pushing the prices higher and could take them past the $6.19 resistance level. The bullish engulfing pattern indicates that the prices could surge higher in the near future. The $5.95 resistance level could be broken, which would pave the way for prices to reach new highs.
UNI/USD 1-day price chart, Source: TradingView
The RSI indicator is currently at 57.20 and is rising as per Uniswap price analysis. This indicates that the prices are likely to rise further as the RSI indicator is not in the overbought zone yet. The MACD indicator is also in the bullish zone, indicating that the bulls have the upper hand in the market. The Moving Average indicator is also rising, which is a bullish sign.
Uniswap price analysis on a 4-hour time frame: UNI/USD retraces from highs as bulls take a breath
Uniswap prices surged higher on the 4-hour time frame, but have retraced slightly as the bulls take a breath. The prices are trading just below the $5.95 resistance level and could resume their uptrend if this level is broken. Uniswap is currently trading at $5.80 which is just below the $5.95 resistance level. If this level is broken, the prices may rise to $6.19 as per Uniswap price analysis.
UNI/USD 4-hour price chart, Source: TradingView
The $5.31 support level could provide some respite for the prices in case of a sell-off. The RSI is seen to be just below the 60 level, which is a bullish sign.MA (50) and MA (200) are both rising, which is a bullish sign. The MACD line (blue) is above the signal line, indicating that the bulls are in control of the market.
Uniswap price analysis conclusion
Uniswap price analysis shows a firm upward movement. UNI/USD pair prices are giving hopes of a breakout from a long-term descending trendline. The market is also seeing some good buying support near $5.31, which could lead to further upside potential in the prices. The overall market sentiment is bullish, and Uniswap prices are expected to continue rising as long as buyers maintain control of the market. However, if the selling pressure increases, we could see UNI/USD prices retrace back to the $5.95 support level.
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