Uniswap price analysis: How can you prefer a bullish call in UNI token near the bears' hedge zone?

According to the VRVP indicator, Uniswap bulls reclaimed the altcoin price above the 6-Month Control Point (POC) of $5.15.
The market cap of the UNI token is up more than 10% in the past 24 hours but has yet to add to the $140 million cap to meet its $4 billion capitalizations.
The Uniswap token favors the bulls with the bitcoin pair, as a result, it is up 6.3% at 0.0002644 satoshis.

The Uniswap coin is slightly bullish just below the resistance area. Meanwhile, last night, the bulls were aiming for the higher zone, which resulted in buyers gaining around 9% of the cost and noted today’s 7-day high at $5.45.

Meanwhile, the price action of the UNI token forms a double bottom formation at 2022 low, which acts well as a bottom. Although the bulls continue to reject near the $5.7 to $6.2 resistance area, it will not be easy for the bulls to dominate the altcoin above the bears’ hedge zone.

Near the resistance zone, buyers are again facing a retracement phase in the intraday trading session while UNI token trades at the $5.22 mark at press time.

Due to yesterday’s bullish move, Uniswap bulls reclaimed the altcoin price above the 6-month Point of Control (POC) above $5.15, according to the VRVP indicator. UNI prices in this region face huge volatility, so intraday traders should stay away from this UNI token at this POC point.

Meanwhile, the market cap of the UNI token has risen by over 10% in the past 24 hours. Also, the Uniswap token favors the bulls with the bitcoin pair, as a result, it is up 6.3% at 0.0002644 Satoshis.

During bullish breakout conditions, reduction in trading volume does not bode well for further bullish rally.

UNI outlook is slightly bullish

The bulls are barely defending themselves near the mid-band (20-day moving average) of the Bollinger Bands indicator on the daily price scale. Besides, the bears have a sell zone near its upper band.

Moreover, Stoch RSI saw a sharp decline after retreating from the overbought zone. Now both the moving lines move to the RSI plane.

Conclusion

According to the Bollinger Bands indicator, the Uniswap coin could have a short-covering towards the $6.0 resistance before seeing any sharp downside. But declining trading volume does not bode well for further upside.

Support level – $3.3 and $3.0

Resistance level – $6.0 and $10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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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