- Uniswap is at $6.48 (press time), with an increase of 6.62% during the intraday trading session.
- The 24-hour low of UNI was $6.10 and the 24-hour high of UNI was $6.62.
- The current Uniswap token price is above 20, 50, 100, and 200-Day EMAs.
The pair of UNI/BTC was trading at $0.0002373 BTC with a rise of 2.98% over the intraday trading session.
Uniswap price prediction suggests that it is currently in an uptrend after the formation of the morning star candlestick pattern over the daily trading chart. Since the formation of the inverted bullish hammer candlestick pattern over the daily trading chart after the downtrend near the end of 2022, UNI token started moving upwards. UNI token broke its primary support of $6.102 on its way up. But after reaching near its primary resistance of $7.322, the token began consolidating between its primary support and resistance. After the second false breakout, sellers tried to dominate UNI token, pushing it below its primary support.
But after the appearance of the morning star candlestick pattern over the daily time frame, the chart may cause a bullish reversal as can be seen over the chart. The morning star candlestick pattern after a downtrend indicates the start of an upward climb. It is a sign of a reversal in the previous price trend. Traders can seek confirmation that a reversal is indeed occurring using additional indicators. This might be the cause of the current uptrend as can be seen in the daily trading chart.
The volume of the coin increased by 37.39% in the last 24 hours which indicates that the number of buyers has increased.
Uniswap Price Technical analysis:
RSI is rising toward the overbought zone and shows a positive crossover indicating accumulation by the buyers. The current value of RSI is 53.16 which is below the average RSI value of 44.12.
The MACD and the signal line are increasing and showing a positive crossover over the daily chart which supports the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Uniswap price prediction suggests that it is currently in an uptrend after the formation of the morning star candlestick pattern over the daily trading chart. From the start of 2023, UNI token was seeking stability but began consolidating between its primary support and resistance. The increase in the trading volume in the last session shows the positive market sentiment towards UNI. The RSI and MACD are increasing and are showing a positive crossover on the daily trading chart. This may give opportunities to the long traders to enter the market.
Technical Levels-
Resistance level- $7.322 and $7.771
Support level- $6.102 and $4.947
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/18/uniswap-price-analysis-will-uni-skip-consolidation/