UNI price is recovering from the support of $3.500 and is near the 200 day EMA. The token began a new positive trend by sustaining above the 50-day EMA, showing buyers’ dominance.
Uniswap (UNI) is the native token of the Uniswap decentralized exchange, a liquidity provider for trading ERC-20 tokens of the Ethereum network.
Bullish marubozu candles were formed with a massive spike in volume which shows that aggressive buying was done in the previous trading sessions.
However, UNI token is now near a make-or-break level, where if bulls succeed in escaping the hurdle of $5.700, it could lead to a fresh uptrend and will head towards $6.000. On the other hand, if bulls faced rejection there, they would retest the zone near $5.000.
Moreover, the chart structure shows that the token is attaining momentum and extending the reversal, which showed the presence of buyers who initiated fresh long positions in the past few trading sessions and urged them to catch a 200-day EMA in the upcoming sessions.
Uniswap token price broke its trendline and formed a bullish candle above it, indicating that buyers accumulated the token and sellers were now cautious.
At the time of writing, UNI token is trading at $5.557 with an intraday gain of 5.83%, showing bullishness on the charts. The pair of UNI/BTC is at 0.000182 BTC.
Daily Chart Formation of UNI
On the daily charts, the Uniswap token has ended the corrective phase and crossed its channel trendline near $5.100 with a spike in volume. It is an early indication of a possible bull run in the upcoming sessions. The token was attaining gains consecutively and traded above the 20-day EMA.
As per the Fib levels, the UNI Coin trades above the 38.2% level and is now near the 50% neutrality zone, a crucial range to escape for extending the gains.
Furthermore, the UNI token showed a double bottom pattern, and the price is trading on its upper bollinger band near the $5.500 level forming the neckline, where multiple hurdles existed.
Short Term Charts Indicating Bullishness
On the 4 hours chart, UNI token price increased with a rise in momentum, and the surge in trading volume also denotes investors’ interest in the token from the previous trading sessions. Moreover, the technical parameters favour the bulls.
The RSI curve rose toward the overbought zone forming a positive divergence indicating that bullish sentiments have persisted over the past few trading sessions.
The MACD indicator also stayed in the buying territory forming green bars on the histogram, corroborating the RSI values.
Conclusion:
UNI token price is near the 200-day EMA barrier, which is a make-or-break level to watch in the following sessions. The RSI and MACD indicators show that bullish sentiments persist.
Technical Levels:
Support Levels: $5.000
Resistance Levels: $5.700 and $6.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/02/uniswap-price-analysis-uni-is-in-a-recovery-mode-making-gains/