The recent Uniswap price analysis shows a strong bullish movement, as the UNI/USD pair has breached the $5.50 mark and is now trading above this level. Despite opening today’s session at $5.23, the bulls have gained over 4 percent in the past 24 hours, pushing Uniswap’...
At the time of writing, UNI the native token of Uniswap is trading at $5.51, with strong support at the $5.23 level. The immediate resistance is at the $5.54 mark and if UNI manages to break through this level, it could continue rising toward the next resistance level of $6.00 since the buying pressure is still strong.
Uniswap price analysis 1-day chart: UNI/USD pair recovers from the recent lows
The technical indicators on the chart also support a bullish sentiment. The MACD indicator has turned back to the positive territory and shows an upward trajectory since the MACD line has crossed over the signal line. The RSI indicator is sharply pointing upwards from the oversold region and is currently at 46.31 showing that buyers are in control of the market and there is still room for further gains. Furthermore, the Bollinger Bands are also widening indicating an increase in volatility in the UNI/USD pair.
Uniswap price analysis 4-hour chart: Recent developments and further indications
Looking at the technical indicators, the Relative Strength Index(RSI) is slowly inching upwards and currently at 60.76 indicating a strong buying pressure, while the Moving Average Convergence Divergence (MACD) indicator is also trending higher. The MACD line has crossed over the signal line and is now trending in the positive territory showing that buyers are starting to gain momentum. In addition, the Bollinger bands have started to widen again with the upper band still below the current price level and no indications of a near-term reversal.