Uniswap price analysis shows a strong bullish comeback for UNI/USD after it reached a weekly low of the $4.91 mark. Since then, the pair has gained more than 0.10 percent in value and is currently trading above the $5.08 level. The bearish pressure has been ruling the market for some time, but the bulls are gaining strength and pushing the price up.
The bulls and bearish are engaged in an intense tug-of-war at the $5.08 support level and if this level is successfully defended, UNI/USD could continue its bullish rally towards the next resistance of $5.23. The intraday high registered by the pair was noted at $5.19 and a break above this mark could open up the gateway for more buying opportunities. The trading volume is still low as it shows a negative value on the percentage, suggesting that the buyers need to continue holding the upper hand for the bullish rally to continue.
Uniswap price action on a 1-day price chart: Bulls are dominating the market
The daily chart for Uniswap price analysis shows a bullish trend for UNI/USD after a strong bullish comeback. The week started on a strong bearish note, but the bulls managed to regain control and pushed the price up. The market cap has been increasing slowly, which is a bullish sign for the crypto market. The market cap for Uniswap stands at $2.96 billion, with a circulating supply of 577 million UNI tokens.
The technical indicators are also suggesting an uptrend in the coming days as the MACD line is crossing above the signal line, with a histogram increasing in value. The RSI is trending slightly above the neutral mark, which shows that the market is witnessing some buying interest from traders. The 50-day MA and the 200-day MA are trending upwards, indicating a bullish trend in the coming sessions.
Uniswap price analysis 4-hour price analysis: Support is present at $5.08
Uniswap price analysis on the 4-hour timeframe shows that the prices are currently trading inside an ascending channel. This is a bullish continuation pattern that typically signals further upside potential in the market. The green candle that appeared on the 4-hour chart is also a sign of bullish momentum, indicating more buying pressure in the market.
The RSI indicator is also giving a bullish signal as it is trading above the 50 levels, indicating more buying pressure. The MACD indicator is still showing a bullish crossover, which indicates that the bulls are still in control of the market. The histogram bars on the MACD indicator have also turned green, indicating that the bulls are in full control of the market. The moving average indicator is currently at $5.13, which is a sign of bullish momentum.
Uniswap price analysis conclusion
Uniswap price analysis shows that the bulls are back in control of the market. The pair is rising steadily and the trading volume is also increasing, which confirms the bullish trend. The technical indicators are also showing signs of a sustained uptrend in the coming sessions. The support for UNI/USD is currently seen at $5.08, and if this level is breached, then more buying opportunities might open up. For now, traders should watch price action around these levels for a better entry point. All in all, the outlook is bullish for UNI/USD.
Source: https://www.cryptopolitan.com/uniswap-price-analysis-2023-05-14/