- The token is in a sideways trend.
- The token is close to giving a Golden crossover on the daily chart.
The token is currently trading very close to its 50 EMA (the blue line) and 200 EMA (the green line) and the overall trend as for now in Uniswap is sideways.
Uniswap on daily chart
The token’s breakout from the double bottom pattern on the daily chart was unsuccessful and it instead started consolidating at its present levels, creating a consolidation zone. Therefore, if the price now breaks through this consolidation zone, it can continue to the next nearby resistance level of $9.199.
MACD – UNI has gained strength on the daily chart as evidenced by the MACD’s bullish crossover signal. Based on the indicator’s bullish crossover, there are more bulls than bears.
Relative Strength Indicator (RSI) – The RSI curve has a score of 61 which is greater than the 50-point cutoff. Consequently, it is anticipated that the price of the cryptocurrency would increase.
Analyst views and expectations
A bull move can be expected after the consolidation zone breakout and then short-term investors can look forward to getting some great returns over a short span of time. Moreover a Golden Crossover is also on its way which is good news for long-term investors as after that they can also invest in the token.
Uniswap has a promising future, according to Bitnation’s technical analysis and price projection. Although it may have been slightly impacted by bears, it will see a bull run around 2025 and its price may skyrocket over $18.
According to GOV capital, Uniswap sounds quite bullish as compared to where it was in January 2022 because it has demonstrated dependable consistency. It should be comfortably around $10.36 by January 2024.
The Uniswap price prediction from WalletInvestor predicts that at the end of December 2023, the price could drop to $0.517. UNI can be a poor, high-risk alternative for a one-year investment if one is looking for a virtual currency with a favorable return.
Technical Levels
Major resistance -$12.192
Major support -$4.849
Conclusion
Short-term investors can invest in the token after the consolidation breakout but long-term investors should wait until they see a Golden crossover.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/01/28/is-a-bull-move-anticipated-from-uniswap-a-technical-analysis-of-the-token/