UNI breaks above the $7.00 resistance, and eyes the $7.50 mark next – Cryptopolitan

TL;DR Breakdown

• Uniswap price analysis suggests an upward movement to the $7.50 mark
• The closest support level lies at $6.291
• UNI faces resistance at the $7.046 mark

The Uniswap price analysis shows that the UNI price action has broken above the $7.00 mark as the bulls continue the rally. 

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 BNB and ETH recording a 5.90 and a 5.53 percent incline, respectively.

Uniswap price analysis: UNI breaks above the $7.00 mark

The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low bearish momentum as expressed in the short height of the indicator. On the other hand, the darker shade of the indicator suggests an increasing bearish activity as the price approaches the $0.3800 mark.

The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading close to each other showing low momentum at press time. On the other hand, the diverging EMAs suggest a rapidly increasing bullish momentum.

The RSI has been trading in the neutral region for the past ten days as the asset observed moderate volatility across the timeframe. At press time, the indicator trades below the mean line at 45.56 index unit level as the price suggests low bearish momentum with a gentle slope suggesting low net selling activity at the current price level.

The Bollinger Bands are currently ideal as the price action observed high volatility across the short-term charts. Moreover, the sharp bullish activity near the indicator’s top line suggests increasing volatility across the timeframe. The indicator’s bottom line provides support at the $6.291 mark while the bottom line presents a resistance level at the $7.046 mark.

Technical analyses for UNI/USDT

Overall, the 4-hour Uniswap price analysis issues a buy signal, with 15 of the 26 major technical indicators supporting the bulls. On the other hand, two of the indicators support the bears showing low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Uniswap price analysis shares this sentiment and also issues a strong buy signal with 15 indicators suggesting an upwards movement against one suggesting a downward movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining ten 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 current $7.000 in the last 30 days. Currently, the price finds strong resistance at the $7.000 level but the rising bullish momentum may establish support above the level. 

Traders should expect UNI to rise to the $7.500 mark as the short-term technicals grow more bullish. On the other hand, movement below $6.500 should not be expected as the daily frames and the mid-term technical analyses remain bullish. However, if the bulls fail to set up a support level above the $7.00 mark, the price would continue consolidating below the $7.00 mark.