UNI/USD pair set to break above the $8.9 resistance


19 m

Reading time: ~3 m

  • Uniswap price analysis is bullish today.
  • Resistance for UNI/USD is present at $8.9.
  • The support is present at the $7.9 level.

The Uniswap price analysis for today is bullish. During the previous week, UNI/USD fell from $10.5 to $8.2 as bears pushed the price lower, and the trend stayed negative for the whole week. Today, UNI has found support and covers a range upwards, which is a good sign in such a volatile market. The bullish momentum is expected to continue, and the first resistance is seen at $8.9 (SMA50).

The Uniswap price for today is $8.5, which is a good opportunity to invest in this token. The long-term trend looks positive, and the current correction might provide an opportunity to buy at a lower price. The support is present at the $7.9 level, and the next resistance is seen at $10.5 (SMA100).

UNI/USD 1-day price chart: Bulls taking back control?

The next resistance is seen at $10.5 (SMA100), after which the price could potentially reach $12.8 (200-day MA). The MACD indicator shows that the bears are currently in control, but the RSI suggests that there might be enough buying pressure to push the price higher in the short term.

UNI/USD 1-day price chart. Source: TradingView

The support is present at the $7.9 level, and the next resistance is seen at $10.5 (SMA100). A new downtrend might form if the bulls fail to break above these resistances. However, if the price breaks above $10.5, it could reach $12.8 (200-day MA) and beyond.

Uniswap price analysis: Bulls find support at $8.2

The 4-hour chart for UNI/USD shows that the price is downward, but it has found some support at the $8.2 level. The RSI is in the oversold region and suggests that there might be a reversal soon. The MACD indicator is also in the negative territory and slowly moves towards the 0 line.

The bulls will need to break above the $9.5 resistance to take back control of the market. If they are successful, then a move to $10.5 is likely. However, if the bears manage to push the price below $8.2, then a move to $7 is possible.

UNI/USD 4-hours price chart. Source: TradingView

The MACD indicator shows that upper resistance is seen at $9.8 while the lower support is at $7.6. If the bulls can maintain their power, they could break past the resistance and reach new heights.

The Bollinger Bands show that the prices are highly volatile with an increased width, signifying high uncertainty in the market. The 20 SMA is below the 50 SMA, which suggests that the bears still control the market momentum. However, if the bulls can push prices past current resistance, it would be a strong sign for buyers to enter the market.

Uniswap price analysis: Conclusion

Ubniswap current price movement is strong and consistent, with a bull flag formation forming on the 4-hour timeframe. The overall crypto market is recovering today, as UNI/USD demonstrates. We anticipate UNI to continue to rise for the next 12 hours and test the $8.9 resistance mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source link

You May Also Like