Uniswap price analysis: UNI to retest $29 resistance before further bull rally

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  • The Uniswap price analysis shows a bullish trend.
  • Strong resistance is present at $29.
  • Support is found at $22.3.

The Uniswap price analysis reveals a bullish momentum as the price has improved today. UNI/USD pair is trading at $29.4 at the time of trading, coming up from the level of $22.6 at the start of the day. UNI bulls have succeeded in gaining momentum today after yesterday’s bearish plunge and are victoriously carrying their lead.

The UNI price level is again near the first resistance level of $23.9, followed by a much stronger resistance of $28. Crossing the first resistance will be a litmus test for further gains. The UNI/USD pair gained a good six percent over the last 24 hours but overall is down by almost 13 percent if we examine the price levels over the time of the last seven days. Though not among the top performers of today still it is a considerable positive price movement.

UNI/USD 1-day price analysis: UNI on the route to recovery

The 1-day Uniswap price analysis shows a continuous increase in price from the start of the day. Though the price is still traveling in the price channel, improvement can be expected.

The volatility is increasing significantly as Bollinger bands are widening with the upper Bollinger band at the $31.8 mark and lower band at the $20.6 mark, making an average at the $26 mark.

Uniswap price analysis: UNI to retest $29 resistance before further bull rally 1
Source: TradingView

The moving average (MA) is traveling down towards price and is T $23.8 mark, just slightly above the price level. The relative strength index (RSI) is hovering in the lower half of the neutral zone showing a number of 42. Though RSI is on the bearish side, there is enough room for bulls to practice.

Uniswap price analysis: Green lights are on

The 4-hours Uniswap price analysis further reinforces the bullish momentum, as one after another, green candlesticks are appearing on the 4-hours chart. The volatility is consistent as the Bollinger bands are showing the following marks; the upper band is at $24, and the lower band is at $21.8. The average of Bollinger bands is at the $22.9 mark below the price level in the hourly chart.

Uniswap price analysis: UNI to retest $29 resistance before further bull rally 2
Source: TradingView

The moving average (MA) is also below the price level at $22.56, marking a bullish indication. The relative strength index (RSI) has moved into the upper half of the neutral zone, a bullish territory, and is at a score of 52. The RSI indicates a strengthening of the bullish base.

Uniswap price analysis: UNI to retest $29 resistance before further bull rally 3
UNI/USD technical indicators chart. Source: TradingView

The technical indicators for Uniswap price analysis are more inclined towards the selling side. Out of 26 total technical indicators, 12 show a sell signal, and only four show a buy signal, and ten indicators are neutral.

The moving averages are also indicating a sell signal with as many as 11 on the selling side and only three on the buying side, whereas one is neutral. The oscillators, on the other hand, are perfectly neutral, with nine oscillators at the neutral spot and one each on buying and selling spot.

Uniswap price analysis: Conclusion

The 1-day and 4-hours Uniswap price analysis show a significant increase in price today. As the volatility is on the high side for the cryptocurrency, there exists a chance of some retracement taking place in the coming hours; a cautious trading strategy is needed by the intraday traders.

Source: cryptopolitan.com

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