UniSwap price prediction indicates that buyers hold buoyant regard for UNI tokens. The buyers are showing great optimism regarding UNI crypto as the price recently made a breakout above the 200 EMA. At present, the UNI price is attempting to make a retest from its immediate and significant support level. The making of a higher high and low with a positive crossover between the 20 and 50 EMAs implies that UNI price can see further increase in its value within the near future.
UniSwap price after making a doji candle near the supply zone is taking a retest on the one-day time frame. If UNI price initiates a rebound with strong positive momentum the price may see a surge of 12 – 32% within the next few weeks. The UniSwap token is presently in an accumulation phase according to the candlestick patterns.
UniSwapPrice Prediction: Technical Analysis on Daily Chart
The future price action of UniSwap can unfold in multiple ways but three scenarios are most likely to play out. According to historical price action, the price can either break below its immediate support level and fall towards 50 EMA. The buyers have been respecting this level for the past three weeks or as the 200 EMA is a crucial support level, the stock can find significant purchase volume above this level and resume its rally.
However, the price is yet to make a significant bullish rally after breaking above the 200 EMA. If the price does not find the required backing from the buyers, it can fall 36% below its primary support level.
Technical Indicators (Volume, RSI, and Stochastic)
The volume shows a spike in selling pressure which will soon reflect in the price level.
The relative strength index (RSI) line is moving between the overbought level and the median line. The present value of the RSI is 62.09 points and the value of the 14-day SMA is 59.04 points. The RSI line may take a correction.
At present, the stochastic RSI is advancing towards the demand zone after taking a reversal from the median line and the value of the stochastic RSI is 83.39 points. The %K line is intercepting the %D line.
Conclusion
According to the analysis, UNI token is trying to breach its major barrier level near the 200 EMA. An increase in selling pressure was observed in the volume which indicates that there is a surge in trading activity.
Technical Levels:
Support -$5.000
Resistance – $8.000
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/16/uniswap-price-prediction-uni-price-makes-a-retest-after-breakout/