Uniswap price analysis shows a potential bull run on the cards, as price rose more than 2 percent over the past 24 hours to navigate past the first resistance point at $6. Dropping to the lowest point at $5.8 since the March 27 low of $5.5, UNI was expected to lower further to the $5 support. However, a move past the first resistance point could instil confidence among buyers and propel price further upwards. The next resistance point is set at $6.5 and price could move up to that point over the current trend. Uniswap remains the 20th ranked crypto in the market, with a market capitalisation of $6,057,733,652.
The larger cryptocurrency market boosted upwards with major cryptos showing big increments across the board. Bitcoin moved up to $30,000 with a 6 percent uptrend, while Ethereum stays within touching distance of the $2,000 mark, incurring a 3 percent increment over the past 24 hours. Among leading Altcoins, Ripple grew 2 percent to reach $0.51, whereas Cardano moved up to $0.40 with a 3 percent incline. Meanwhile, Dogecoin also grew by 2 percent, moving up to $0.08, and Polkadot upped. 3 percent to move as high as $6.3.
Uniswap price analysis: RSI shows healthy market valuation on daily chart
On the 24-hour candlestick chart for Uniswap price analysis, price can be seen reversing on a downtrend placed on April 6, to form a swift uptrend above the $6 mark. However, a similar and rather brief set of green candlesticks can be seen earlier in the month, with that trend failing to materialise into a meaningful rise. UNI price remains above the 9 and 21-day moving averages on the 24-hour chart, along with the crucial 50-day exponential moving average (EMA) at $6.0.
The 24-hour relative strength index (RSI) displays a healthy market valuation for Uniswap, sitting at 50.39. With price likely to go further up, the RSI would cap at 60 and any move above into the overbought zone could quickly end the current uptrend in place. Meanwhile, the moving average convergence divergence (MACD) curve also shows a continuation of the trend line keeping above the signal line, another positive indicator shown. UNI trading volume grew 42 percent over the past 24 hours, mostly incurring buying trades, capping off a positive set of indicators for Uniswap price analysis.
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