Uniswap price analysis: UNI/USD is bullish for the next 24 hours

TL;DR Breakdown

• Uniswap price analysis is bullish for today.
• UNI spiked to $26.3 overnight.
• Uniswap eye $27.

Uniswap price analysis: General price analysis

UNISWAP is presently in a bull market, and the cost analysis forecasts that it will rise. The quick fall overnight resulted in a lower low of $18.3. Still, given that additional downside was swiftly rejected, we anticipate UNI/USD rebound today and climb above the $27 support level.

Uniswap has a bullish short and long-term outlook, but the timing of the rise is uncertain. The market swing was accompanied by a surge in trading volume, which suggests increasing participation from traders and investors alike.

Despite the overnight price spike, the weekly chart is still frustratingly indecisive. The relative strength index (RSI) continues to flatline around 55-60 and holds there for over two weeks, indicating a state of equilibrium between those eager to buy and those wanting to sell.

However, Uniswap does not have a significant resistance level, as it does not have major support or resistance level either. This is because the demand for UNI has been outstripping supply throughout the current market cycle and will continue to do so as long as there are no major negative news stories impacting demand.

Uniswap’s daily time frame indicates that price can continue to rise. The moving averages are beginning to converge, a bullish indicator for UNI/USD price action that indicates further price appreciation.

Uniswap has enjoyed an impressive run recently, but this may not continue uninterrupted as it faces stiff resistance between $20 and $22. A break of the upper boundary of the trading range between $20-$22 will indicate the start of another push towards $24.

UNI/USD 4-hour chart: UNI looking to return above $27 today?

On the 4-hour chart, we can see that the Uniswap price has been gaining steam over the past hours as bulls attempt to regain control of the $27 support.

UNI/USD 4-hour chart. Source: TradingView

Like the MACD and Stochastic Oscillator (StO), the RSI indicator confirms that the market is bullish for UNI/USD, as the readings remain well within the overbought territory.

A rally above $27 should result in a retest of immediate resistance at $27.45, strengthened by the 1-minute Stochastic RSI (StOmR) indicator. A break of the $27.45 resistance level will result in a strong rally towards $24.

Any unanticipated bad news or negative developments could knock Uniswap sideways or downwards over the coming days and weeks. On the flip side, we could see an upside explosion if positive industry news were to drive up demand for UNI tokens through its liquidity network.

The price of UNI/USD fell by 30% to $18.3, still leaving it below its April high of around $27. The decline in the price of USwap has caused a lot of concern on various forums and Reddit communities about the future stability of this stablecoin.

Uniswap Price Analysis: Conclusion 

As mentioned above, the daily chart shows strong potential for price appreciation to return above $27 and rally aggressively towards $24, but this will hinge on whether traders can hold onto their positions despite recent volatility, which saw all cryptos drop again overnight.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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