UNI Technical Analysis: Increased Inflow Inflates Uniswap Market Price
Table of contents
Key technical points:
Past Performance of UNI
UNI price action shows a sell-off in May brought the market prices under the $5 mark to a low of $3.50. However, the double bottom breakout results in a bullish reversal rally recovering the $5 threshold and continuing to approach $6. Nonetheless, the bearish threat of reversal sustains as the recovery rally lacks the support of increased trading volume.
Source- Tradingview
UNI Technical Analysis
UNI price grows by 4.85% today, forming a bullish engulfing candlestick breaching the $5.80 resistance level to reach $6. Hence, traders can find the candle closing above $6 as an entry spot to ride the breakout rally. The DMI indicator shows a gradual increase in bullish spread after the recent crossover. Moreover, the bullish trend momentum resurfaces as indicated by the ADX line preparing a positive turnaround.
The RSI indicator shows a remarkable increase in the underlying bullishness as the slope spikes sustain the halfway line. Moreover, the 14-day SMA starts a bullish reversal in the nearly oversold zone teasing a trend reversal. After undermining the recent bearish crossover, the MACD indicator shows a positive trend in the fast and slow lines crossing above the zero line. Moreover, the lines regaining the bullish alignment restart the positive trend in the MACD histograms. In a nutshell, the technical indicators support the UNI price action analysis teasing an uptrend continuation above $6.
Upcoming Trend
Considering the daily candle closes above $6, the UNI prices will skyrocket to reach the overhead resistance at the $7 mark.
Resistance Levels: $6 and $8
Support Levels: $5 and $4.5