UNISWAP price analysis: Bulls try to revive token price

UNI token price is on an uptrend and as a result, the token price has been in a small range.
The UNI token price is forming a small range pattern indicating a big movement in the upcoming trading days.
The pair of UNI/BTC is trading at the price level of 0.0002988 with an increase of 0.12% in the last couple of trading days.

On a smaller time scale, the UNI token price is trading toward the supply zone, whereas, on a bigger time frame, the token price is trading near the demand zone. The UNI token price is trading above the long-term demand zone after a significant rebound. Despite the market’s strong adverse emotions, the token price has managed to stay above the demand zone.

UNISWAP token price forms a flag and pole pattern on a smaller time frame

The price of UNI tokens is producing greater high and higher low patterns on a regular basis. The token price is still producing lower lows and lower highs over a longer time frame. The price of a token is now trading above both the 50 and 25 Moving Averages. The token price has increased above the 50 and 25 moving averages in line with the upward trend. These moving averages can provide the token price with a lot of support as it increases.

The token price has also been unable to move past the Bollinger band’s upper band, remaining in the middle of it. The token price has also been able to hold at the supply zone, which has caused consolidation that might result in a powerful breakout. Due to greater volatility brought on by higher volume, investors should exercise caution and wait for a distinct trend.Volatility has risen due to

The UNI token price has been trading inside a parallel sideways channel

ADX curve has been dipping on a higher time frame as the token continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.

RSI curve is trading at the level of 49.75. The RSI curve has crossed the halfway mark of 50. Once the token gives a breakout of a rounding bottom pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.

Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the token price has failed to give a breakout of the supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.

Conclusion: UNI token price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the token price will break the rounding bottom pattern or fall heavily

Support: $6.1 and $5.7

Resistance: $7.7 and $7.9

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they 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