UNISWAP Price Analysis: UNI Bulls Came Together, This Time Trend Reversal Appears Successful
- The winds of uptrend have begun after a long downtrend movement over the daily chart. The bulls need to take care of the volume.
- The crypto asset is moving above the 20, 50, days daily moving average.
- The UNI/BTC pair is at 0.000258 BTC which is at a loss of 1 % in it.
Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. Uniswap is not just a decentralized exchange; it attempts to solve the issues that platforms such as EtherDelta experienced with liquidity.
After a flattering downtrend the UNI price is at a successful uptrend movement over the daily chart. It shows us the bulls efforts in reversing the trend but needs to take care about the bears as they will definitely try to interrupt. The token needs to recover fast as the investors are facing huge losses as the price after the downtrend again hit its all time low. The bulls need to take care of the trading volume as it is still at a loss of 21%, whereas the price is moving above the 5 days simple moving average.
The current price for one UNI token is trading at $5.56 which is at a gain of 1.53% in its market capitalization in the last 24 hrs. The coin has a trading volume of 168 million which is at a loss of 21.74% in the 24 hrs trading session and a market cap of 4 billion. The volume market cap ratio is 0.04128.
What do Technical Indicators Suggest
The volume is moving way below its average, UNI bulls need to focus over the volume. The price is currently moving above the exponential moving average.
The MACD indicator is in favor of a bullish rally as the MACD line is moving above the MACD signal line and the signal appears to be stronger this time as the histograms are rising green along with the gap between two lines getting broader.
The relative strength index is moving towards the upper region indicating the interest of buyers over the coin. The RSI value is above 55.
After a flattering downtrend the UNI price is at a successful uptrend movement over the daily and hourly chart. The token needs to recover fast as the investors are facing huge losses as the price after the downtrend again hit its all time low. The technical indicators are in favor of a bullish rally ahead over the daily chart.
Resistance levels: $6 and $6.6.
Support levels: $5 and $4.75
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