The Uniswap price analysis is bullish as it is showing a heightening momentum from the bullish side. The price function has covered an upwards range, as the bullish momentum has proved to be quite a blow for the bears. The price levels have returned to $6.22, and buying pressure is building as it remains steady above that level.
Most of the cryptocurrencies in the market were on a bullish trajectory, which further strengthened the UNI/USD pair. The top coins like Bitcoin and Ethereum registered gains of 1.08% and 4.95%, respectively, on the day. UNI/USD has been quite steady in its gains, as it slowly made its way up from $5.91 to $6.22 resistance levels.
Uniswap price analysis daily chart: UNI breaks above the $5.91 support level
On the daily chart, Uniswap price analysis is trading in a symmetrical triangle pattern. The price broke the upper trendline of this triangle at $5.91 and is now attempting to break through the resistance level of $6.22. The past week has proved to be quite favorable for the buyers. Today’s trend has yet again proved to be on the supportive side, as the price has increased to the $6.22 level gaining 4.69 percent value during the last 24 hours.
The moving average (MA) value is trading at $6.03 as well, with 20-SMA and 50-SMA indicating a bullish trend. The RSI (Relative Strength Index) is currently standing at 54.88, which indicates that Uniswap is still in the buying zone and has the potential to increase further in the coming days. The volatility is high, and the Bollinger bands are wide indicating strong bullish momentum. The upper and lower bands are currently at $6.26 and $5.66, respectively.
Uniswap price analysis 4-hour price chart: UNI gains momentum at $6.22
The 4-hour price chart for Uniswap price analysis shows the price has undergone a recovery today, but a correction was also observed at the end of the previous trading session; however, the correction was small and did not seep into today’s price action. The buying momentum intensified today, and the buyers are now dominating the market as the price is moving upwards. The price has increased to $6.22, which is still at a higher point than its moving average, settling at the $6.00 mark.
The hourly Bollinger bands are also wide indicating a strong buying pressure, and the upper band stands at $6.19 which may be the next price target if UNI/USD breaks past $6.22, while the lower band is at $5.76 which may act as a support level if the price drops down. The RSI (Relative Strength Index) is also indicating an uptrend; it stands at the 69.20 mark.
Uniswap price analysis conclusion
From the above Uniswap price analysis, it is evident that the bulls are maintaining their lead again. The momentum has been huge today, and the next price target is set at $6.30 if UNI/USD breaks past the current resistance level of $6.22. The buying pressure has been strong, which means that the buyers might be able to push the prices even further up in the coming days.
