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Uniswap price analysis: UNI/USD shows bullish strength as price rises to $5.52

Uniswap price analysis shows a bullish trend for the day. The price has increased considerably during the last twenty-four hours and is now positioned at the $5.52 mark. The past few hours have been highly encouraging for the buyers, as the price glided past the $5.36 support level with relative ease. Despite facing some resistance at $5.61, the bullish momentum has prevailed and looks set to continue on this positive trajectory. The trend has been continuous for today as well as the bulls are extending their range.

UNI/USD 1-day price chart: Price moving unboundedly toward its destination

The one-day Uniswap price analysis is showing encouraging signs for the cryptocurrency as the price is following the bullish movement. The price received sufficient momentum during the day which made it possible for it to reach the $65.45 level. The UNI/USD has gained nearly 0.73% in the last 24 hours, and this trend is likely to continue for some more time. The 24-hour trading volume also shows a positive sign of growth as it has now reached $98 million, and a market cap value of $4.20 billion has also been registered.

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UNI/USD 1-day price chart, Source: TradingView

The MACD chart for Uniswap price analysis is further confirming the bullish trend as it shows an upward curve that points to further gains in the near future. The RSI indicator is at 43.42, also indicating an increase in buying pressure. Overall, it seems that the bulls are in full control of the market and there is a strong possibility that UNI/USD will continue on this upward trajectory for some time to come. The Bollinger bands are also narrowing, which is a sign of increased volatility and possible price spikes.

Uniswap price analysis: Price drawbacks to $5.52 just near the resistance point

Uniswap price analysis on the 4-hour chart, UNI/USD is seen trading inside an ascending parallel channel as prices corrected lower after hitting the upper limit of the channel. The current move can be considered a retracement as the prices are still trading inside the bullish channel.

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UNI/USD 4-hour price chart, Source: TradingView

The Bollinger bands have contracted which indicates that the market is consolidating. The upper limit of the Bollinger Band is $5.56, and the lower limit is $5.34. The RSI is currently at 49.87, and it shows that the market has cooled down from the overbought levels as the prices retraced lower. The histogram of the MACD is seen contracting which indicates that the bullish momentum is cooling down.

Uniswap price analysis conclusion

Uniswap price analysis concludes that UNI prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. However, the bears are also starting to show some signs of life and a breakout above the $5.52 level is needed for UNI/USD to move higher.

Disclaimer. The information provided is not trading advice. 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.