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4 July 2022
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Uniswap price analysis: Bulls find a hidden bullish pattern in UNI token, is this the right time to invest in it?

  • Uniswap token price is on track to reach the $5.0-resistance area during the bounce-back.
  • The UNI token has broken above the 20-day exponential moving average on the daily price chart today.
  • The market cap of the UNI token has recovered over 9% to $3.2 billion in the last 24-hours.

The Uniswap token has been in a bullish state for the past several days as the price continues to fluctuate over the past several days. Meanwhile, the UNI token recovered around 35% in the last 4 days.

Amidst a short-term bull run, the UNI token has broken above the 20-day exponential moving average in the context of the daily price chart. Now the bulls are barely managing to keep the UNI price above the 20 EMA. If the daily price candle closes above the 20 EMA then buyers could be targeting the altcoin to move up to the 50 EMA.

At the time of writing, the Uniswap token is trading at the $4.5 mark, having gained over 35% over the past several days. So far, buyers have been buying into every minor drop in the hourly price chart.

The resistance area of ​​the UNI token is $5.0 and the 2022 low of $3.3 still stands as an important defense zone. During the bullish rally, UNI’s market cap rose nearly 9.2% to $3.2 billion over the past 24 hours.

However, trading volume in the last 24 hours appears to be normal at $157 million. Also the market cap to total value lock ratio is 0.6789.

UNI price is going to hit the resistance zone 

Source: UNI/USDT by tradingview 

As per the daily price scale, the Stoch RSI has broken above a bearish trend line (White) and both the moving lines are about to hit further overbought zones. Furthermore, ADX also maintained its peak above the ascending trendline (blue), showing bullish strength.

conclusion

The hourly price chart of the Uniswap coin is forming a double bottom formation above support levels. And bulls are anticipating a rise to the $5.6 mark.

Support level – $3.3 and $3.0

Resistance level – $5.6and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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