Uniswap price analysis: Can the bulls break above $7.100
TL;DR Breakdown
- Uniswap price analysis suggests sideways movement around $7.100
- The closest support level lies at $7.00 and further below at $6.800
- UNI faces resistance at the $7.100 mark
The Uniswap price analysis shows that the UNI price action has made strong bullish movements to the $7.100 mark but finds strong resistance at the level.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include STX and NEAR recording a 5.99 and a 5.48 percent incline, respectively.
Uniswap price analysis: UNI recovers to $7.100
The MACD is currently bullish, as expressed in the greencolour of the histogram. Moreover, the indicator shows strong bearish momentum as expressed in the tall height of the indicator. Futhermore, the darker shade of the indicator suggests an increasing bullish activity as the price approaches the $7.100 mark.
The EMAs are currently trading high above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading at a distance from each other showing high momentum at press time. Moreover, the converging EMAs suggest a slowly declining bullish momentum.
The RSI was trading high in the overbought region earlier today but has since moved downwards as the price action faced resistance at the $7.100 mark. At press time, the indicator trades near of the overbought region at 61.43 index unit level as the price suggesting strong bullish momentum with a gentle slope suggesting struggle between bears and bulls at the current level.
The Bollinger Bands are currently wide as the price action observed sharp volatility across the short-term charts. Moreover, as the price action trades close to the upper limit, the indicator would observe further divergence across the timeframe. The indicator’s mean line provides support at the $6.796 mark while the upper limit presents a resistance level at the $7.100 mark.
Technical analyses for UNI/USDT
Overall, the 4-hour Uniswap price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only four of the indicators support the bears showing low bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.
The 24-hour Uniswap price analysis accentuates this sentiment and issues a strong buy signal with 16 indicators suggesting an upwards movement against only one suggesting a downwards movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining nine indicators remain neutral and do not issue any signals at press time.
What to expect from Uniswap price analysis?
The Uniswap price analysis shows that the Uniswap market is enjoying a strong bullish rally as the price rose from $5.00 to the $7.40 mark in the last 50 days. However, the price action observed a sharp crash at the level causing the price to drop back to $6.20. Now the bulls finally had to momentum to make a swift recovery back to the $7.10 level.
Traders should expect UNI to consolidate around the $6.90-$7.20 for a short while before the bullish rally continues. This suggestion is reinforced by the technical indicators which show bullish exhaustion across the short-term charts but strong bullish sentiment across the mid-term analyses. On the other side, movement below $6.90 are unlikely to occur this week.
