By Nathan Ferguson
- Uniswap price exhibits a bullish bias today.
- UNI encounters resistance near $6.
- The token’s reliable support floor stands at $4.5.
Uniswap (UNI) analysis shows the altcoin started today’s sessions at the $4.89 intraday high, and bulls continued to push higher. The first couple of hours had the sessions favoring bulls as UNI surged higher, tapping the $5.39 peak before corrections emerged. Nevertheless, bears failed to control the markets as prices recovered within no time, eventually forming another intraday peak at $5.37.
24Hr Timeframe: UNI to Rally Higher
The daily chart shows Uniswap kept its price reactions within the $5.38 – $4.77 range as the token gained more than 11%. The crypto contemplates a move to overcome the barrier at $6. However, UNI will meet some resistance around the $5.95 mark. The Relative Strength Index stayed within the overbought level beyond 70 following revivals from the 50 support.
The Moving Average Convergence Divergence (MACD) highlights a bullish case for UNI, with the signal lines moving beyond the histogram. The asset’s trading volume stands at $158,395,720.27, reflecting enormous buying action within the marketplace. For now, the market volatility rises as the BB widens.
Analysts expect the prices to keep soaring in the short term as bullishness dominates the space. Nevertheless, downward actions will hit the support at $4.50, then $3.90. The Relative Strength Index wavers within the overbought region. That could lead to near-term price consolidation before uptrend resumption.
4Hr Timeframe: Uptrend Resumption in UNI/USD
The 4hr chart shows UNI/USD trading within a range as it awaits an upside bounce. UNI currently tests the $5.50 resistance, and overcoming the hurdle would propel an uptick to $6.0. The RSI stays in the overbought levels, at 71.46, and could remain within the territory as prices surge. Market volatility remained lower on the 4hr chart as the narrowing BB highlights. The altcoin appears to traverse a consolidation period as the Moving Average Convergence Divergence presents a signal line moving beneath the histogram.
Final Thought
Uniswap explores bullish actions today as UNI seems prepared for uptrend resumptions. The token tests the $5.50 resistance, and breaking out would mean revising $6.0 and then $6.5. Nevertheless, support zones stand at $4.5 and $3.9. Overcoming the mentioned resistance would see Uniswap hitting $7.0.
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