Uniswap Technical Analysis: UNI Remains Bullish For 24 Hours
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This analysis indicates that if the bulls hold on, prices may surge and reach $7 levels. However, if a bearish crossover occurs, the prices could drop and find support near $5.50 levels.
The price of UNI/USD has increased in the last 24 hours and is now trading at $6.18. The cryptocurrency's market capitalization has also dropped to $4,536,163,754, with a total volume exchanged of $175 million over the past 24 hours.
Uniswap Price Action on the 24-Hour Price Chart
In the 24-hour price chart, UNI/USD has higher highs, and higher lows have formed to suggest a bullish market trend. The UNI/USD pair could retreat lower as it comes up against some resistance at $6.38.
The bullish engulfing pattern indicates that the bulls are in command of the market, as the buyers have entered after a recent sell-off.
Uniswap UNI/USD 1-day price chart, Source: Tradingview
Furthermore, the moving averages are corroborating this by indicating a bullish crossover; the 50-day SMA line (blue) has crossed above the 20-day SMA line (red), according to our technical indicators.
The RSI indicator is presently trading at 70 levels, with no indications of overbought or oversold conditions. As the signal line (blue) has crossed above the histogram, the MACD indicator is also showing a bullish trend.
Uniswap Technical Analysis on a 4-Hour Price Chart
The digital asset is trading in a bearish trend, with lower highs and lower lows forming. The prices have retraced after the recent rally, with the bears coming out as they reascend downward.
The buyers on a 4-hour time frame are likely to encounter some pushback above $6.38 and support around $5.97.
Uniswap UNI/USD 4-hour price chart, Source: Tradingview
The RSI indicator is close to 54 marks, with no significant overbought or oversold situations. As the signal line (blue) has crossed below the histogram, the MACD indicator shows a bearish trend. The 50-day moving average (blue) is rising above the 20-day moving average (red), which is considered a bullish trend.
Conclusion
Uniswap technical analysis reveals that prices are at critical levels, with the one-day UNI/USD chart indicating a bullish trend and the 4-hour time frame revealing a bearish trend.
In the near term, however, we believe that buyers will continue to gain momentum and pressure sellers. Near $6.38 levels, the digital asset is likely to experience selling pressure, followed by a resurgence in prices around $5.97 levels. The UNI/USD technical analysis suggests that the bears will retain control for now.