UNI/USD races to $5.88 after bullish revival

Uniswap price analysis opened the daily market trading session at $5.88, as the bulls kept pushing higher after yesterday’s close at $5.70. The market bulls pushed UNI/USD prices as high as $5.96 but were met with some selling pressure that has seen the price retrace slightly back to where it currently trades around $5.88.

Uniswap price analysis shows that the UNI/USD pair has seen some consolidation just below the $5.96 level as the bulls and the bears battle for control of the market. The prices have been moving between $5.70 to $5.96, recording an increase of 0.51 percent from their previous prices in the last 24 hours.

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Uniswap price analysis 1-day price chart: UNI/USD forms a bullish engulfing pattern

Uniswap prices analysis on a 1-day price chart shows that the UNI/USD has formed a bullish engulfing pattern, indicating that the bulls are in control of the market. The engulfing candle has a high of $5.96 and a low of $5.70, which is greater than the previous candle’s high and low as per Uniswap price analysis. The bullish engulfing pattern indicates that the prices could surge higher in the near future. The $5.96 resistance level could be broken, which would pave the way for prices to reach new highs.

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

The RSI is also above the 50 level, which shows that there is bullish momentum in the market. The Relative Strength Indicator is currently at 63.35, which is in the overbought region. This means that prices could retrace lower before they resume their upward trend.

The MACD indicator on the 1-day chart for Uniswap price analysis is also in the bullish territory as the signal line is above the histogram. This indicates that the bulls are in control. The upper Bollinger band has been acting as dynamic resistance for the prices, as it is currently at $5.96 while the lower Bollinger band is at $5.70, which is acting as support for the prices.

Uniswap price analysis on a 4-hour time frame: UNI/USD retraces from highs as bulls take a breather

Uniswap prices surged higher on the 4-hour time frame, but have retraced slightly as the bulls take a breather. The prices are trading just below the $5.96 resistance level and could resume their uptrend if this level is broken. The $5.70 support level could provide some respite for the prices in case of a sell-off.

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

The RSI is seen to be just below the 50 level, which suggests that there is room for further upside potential in the market. The RSI on 4-hour is currently at 46.30. The Bollinger band average is at $5.78, which is just below the current market price.

Uniswap price analysis conclusion

Uniswap price analysis shows a strong upward movement. UNI/USD pair prices give hopes of a breakout from a long-term descending trendline. The market is also seeing good buying support near $5.70, which could lead to further upside potential in the prices. The overall market sentiment is bullish, and Uniswap prices are expected to continue rising as long as buyers maintain control of the market. However, if the selling pressure increases, we could see UNI/USD price retrace back to the $5.70 support level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

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