Connect with us

Uniswap

Uniswap Price Analysis: Bulls aim to break the bearish trend line, but How?

Published

on

As for the long term view, Uniswap tokens are again caught by short sellers. But on the other hand, asset holders are not managing to bounce back the coin after hitting the 90-day low of $3.73 mark. However, the UNI noted a sharp recovery since its March lows, and price action suggested an ascending parallel channel (blue).

Source: UNI/USDT by Tradingview

Since the April highs, the UNI coin continued to move lower from a downward sloping trend line on the daily price chart. On the other hand, for the past 10 days (noting the 90-day low), the altcoin price action is being seen above the ascending line (white), which is the only hedge area for buyers.

Thus, at the time of writing, the Uniswap token is trading at the $5.3 mark. On the 4-hours price scale, the $5.0 to $4.7 area is acting as a short-term support area. Meanwhile, the market cap of the UNI token has increased by 9.7% to $3.8 billion in the past 24 hours. Similarly, the UNI/BTC pair is trading higher by 5.7% at 0.0001761 Satoshis.

In terms of the daily price chart, important EMAs (including 20, 50, 100 and 200) are well above the current price of the UNI token. However, the daily trading volume bar shows fewer liquidations than last week. Thus, the trading volume as compared to the previous night is seen at $158 million.

RSI shows double bottom near oversold territory

Source: UNI/USDT by Tradingview 

On the daily price graph, the RSI indicator shows a double top formation after dipping into oversold territory twice. Now the RSI is moving towards the semi-line (50-mark).

Similarly, the ADX indicator is present at the 48 mark, which indicates a strong bullish trend for the UNI token.

Conclusion

As long as the Uniswap coin stays above the $5.0 mark, there could be an upward move; On the other hand, if the price slides below the uptrend line, the altcoin could again see monthly lows.

Support level – $3.7 and $3.0

Resistance level – $8.0 and $10

Disclaimer 

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

News Source