Uniswap Price Prediction: Sellers Calm Down But RSI Develops Bearish Divergence for UNI Price
- Uniswap Token (UNI) reversed its trend after taking support at the bullish trend line.
- Uniswap’s market cap rose 11.5% over the past 24 hours to $4.905 billion.
- Against the ongoing trend, the RSI indicator is suggesting a bearish divergence on the daily time frame.
Uniswap Price (UNI) is back in the list of Bullish Cryptos. Two days ago the cryptocurrency turned in favor of the buyers and since their value appears in the green. It looks like the bears have started to ignore the selloff in the Uniswap coin for the time being, until the price reaches the next resistance level of $7.0.
At the time of writing, the Uniswap token remains at the $6.4 level with a 4.23% morning gain against the USDT pair. Last night was very unstable due to aggressive pumps and dumps. Yesterday, UNI token noted a monthly low of $5.38, but the bears failed to manage this low. Meanwhile, buyers don’t want to miss this bullish opportunity.
On a daily time frame, the Uniswap token against the USDT pair is in a bullish trend as price action forms a higher-low pattern. Thus buyers connect all swing lows, which creates the ascending trendline (above the chart). Last week’s retracement phase was completed as the UNI token reversed its trend after taking support on bullish trendline.
Despite the positivity in value, Uniswap investors often got disappointment near $7.0 resistance. Breakout of this bullish hurdle is likely possible ahead because of the bullish trend and price action, buyers are shifting the swing low above previous one. Moreover, the Uniswaps token along with the bitcoin pair is up 7.1% at 0.0003238 Satoshis.
Now UNI has a small trading range between $5.3 to $7.0 support to resistance for remaining sessions of October. Nevertheless, Market cap of Uniswap rose 11.5% in the last 24 hours, reported at $4.905 Billion.
On the daily price chart, the RSI indicator suggests bearish divergence against the ongoing trend. Its peak continues falling below the 50 zone. In addition, MACD reflected bearish crossover in the positive region.
The Uniswap token (UNI) has again got bullish acceleration after support trendline retest. But the concern is that RSI and MACD indicators are distributing nervousness amid investors. UNI value may stay amid $5.3 to $7.0 support to resistance in remaining sessions of October.
Support level – $5.2 and $3.3
Resistance level – $7.0 and $10
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.