Uniswap price analysis reveals that UNI/USD has seen a 1.51 percent increase in the past 24 hours, making it one of the best-performing altcoins today. Currently, UNI is trading at around $6.21 after hitting a high of $6.59 earlier this morning. The outlook for Uniswap looks positive as the price is stabilizing above the $6.00 level.
As of now, UNI/USD has established support at $6.07. If the bulls can push prices back above this level, then UNI could continue its uptrend and head toward its next resistance level of $6.59. Conversely, if the bears overpowered the bulls, then UNI/USD could decline back to its support levels of $6.07 and $6.00.
Uniswap price analysis 1-day chart: UNI recovers up to $6.21 as bulls steer safely
The 24-hour chart shows that Uniswap price analysis has been in bullish territory since yesterday after reaching a low of $5.48 the previous week. Since then, UNI/USD has been on a steady uptrend and managed to breach the $6.00 level. The buying pressure seems to be strong, with the bulls taking control of the market for the time being.
The 24-trading volume for Uniswap is currently at $156 million, a positive sign of investor interest in the cryptocurrency. Moreover, the market cap of Uniswap stands at $4.71 billion, which is impressive for an altcoin. The moving average indicator is at $5.99, with 50-day and 20-day MA looking quite bullish.
The stochastic RSI is now in the oversold range (46.94), which is causing concern among traders since it indicates a possible reversal. Bollinger Bands are broadening and heading higher, indicating more market volatility in the 4-hour price chart. Evidence of a bullish outlook is provided by Bollinger Bands’ upper limit of $6.94 and lower limit of $5.57.
Uniswap price analysis 4-hour chart: Buying sentiment continues to increase
The four hours Uniswap price analysis is declaring the bullish lead as the price has improved consistently. Since the past few hours, an upward trend has been observed as the price has moved up to the $6.21 level. The price has increased significantly as the bullish momentum has been intensifying since yesterday. The moving average, in the four hours price chart, is standing at the $6.30 level above SMA 50.
The relative strength index is slightly overbought at the 53.64 level, which means that the trend may reverse anytime soon, and therefore, investors should be cautious while trading. The Bollinger bands are broadening and heading upwards, which explains the increasing buying sentiment. The upper limit stands at $6.65, and the lower limit stands at $5.52.
Uniswap price analysis conclusion
To conclude, the Uniswap price analysis is bullish for today, and the market looks to be heading higher. The bulls need to push above the resistance levels at $6.39 to confirm that the uptrend will continue. On the other hand, if the bulls are unable to break above these levels, then a short-term bearish reversal is likely.
