Uniswap price analysis shows a bullish trend is emerging as the crypto asset retraced above the $5.00 level. The market sentiment appears to be shifting as buyers attempt to push the UNI/USD pair higher. The bulls have been in control since UNI set the support level at $5.04. The UNI/USD pair is trading higher at a price of $5.09, which marks an increase of 1.01% over the past 24 hours.
The latest surge came after Uniswap broke above the $5.00 resistance level on 2nd June. The overall market sentiment looks positive, and investors are expecting a continuation of the bullish trend in the coming days if the demand for UNI persists. Top coins such as ETH and BTC are also trading on a green note, which is expected to offer further support for UNI.
Uniswap price analysis daily chart: UNI/USD bulls prove solid above the $5.00 level
Uniswap price analysis on the daily chart shows that the UNI/USD pair has solidified its position above the $5.00 level as the bulls increased their purchasing pressure on digital assets. Despite facing resistance at the $5.10 level, the bulls are dominating the market and pushing the UNI/USD to break above the current resistance level. The market cap of Uniswap is currently at $2.93 billion, and the 24-hour trading volume stands at $25 million. The trading volume has seen a drop today, showing that the buyers may be growing weary.
The technical indicators also suggest that the bulls are still in control of the market at this time. The MACD is turning bullish and is trending higher, which could indicate further price gains for UNI. Similarly, the RSI has climbed up to 44.90, which means there is more room for gains in UNI’s price. Looking ahead, the moving average lines are also turning bullish, so it is likely that the bulls will remain in control of the market.
Uniswap price analysis 4-hour chart: Bulls weakens at $5.09
The 4-hour chart of Uniswap price analysis shows that the UNI/USD pair is struggling to break above the $5.10 level as the bulls have weakened their grip on the market. The buyers are still attempting to push the price higher but are facing strong resistance at this point. The selling pressure is increasing, and a pullback toward the $5.04 support level is likely if the sellers gain control of the market.
The MACD and RSI indicators are both in neutral territory at this point, which could suggest that the bears and bulls may soon take control of UNI/USD pair. The Relative Strength Index is at 49.30, which means that the price of Uniswap could face a retracement in the coming days if the buying pressure does not increase. The moving average is sloping downwards, which could also indicate a bearish trend in the near future.
Uniswap price analysis conclusion
Overall, Uniswap price analysis is bullish today, and investors are expecting further gains in the upcoming days if market conditions remain favorable. However, risks remain high, and investors should keep an eye on the key resistance levels as they can be crucial for determining UNI’s future price movements. A break above the $5.10 level could open the doors for further gains, while a move below $5.04 might lead to more losses in UNI’s price.
