- UNISWAP token, in the daily timeframe, falls 17% in the last week, to find support near the trendline.
- The coin price is trading above the major 50 EMA, in the daily timeframe.
- The pair of UNI/BTC is trading at 0.000768 BTC, with an intraday move of +2.16%
UNI token price decreased almost 20%, in the last week, to close in on the $34 mark. The consolidation range continues to expand, as price makes indecisive candlesticks, in the daily timeframe. The more the range grows, the bigger the move can be expected after the breakout. Investors may like the fact that the coin price is resting near the support trendline, which increases the possibility of the price rising higher, again.
The live Uniswap price today is $38.74 with a 24-hour trading volume of $1,783,029,87. The coin price is down 8.38% in the last 24 hours. The current market cap ranking of the coin is #11, with a live market cap of $21,677,619,569.
More wait for bulls as UNI expands consolidation range
UNISWAP coin price has been moving inside the consolidation range, in the 4-hour timeframe. The price was observed shaping a descending triangle candlestick pattern in the 4hour timeframe. However, a recent boost in price has managed to expand the consolidation range. This could be expected to continue till the end of this month. Investors may like the boost in buying volume and can hope for a bullish breakout. As per the pivot points and price action, the support levels are at $30 and $34, whereas, the resistance levels are at $47 and $55, above the consolidation zone.
According to the 4-hour timeframe, the coin price is trading just above the 200 (white) EMA, which is moving sideways, indicating a losing battle for bulls but the high bullish volume might reverse this. Also, in the daily timeframe, the coin price has found support near the 50 (yellow) EMA that might be able to push the price higher.
The relative strength indicator (bearish) at 52 is ready to head over to the overbought zone. The upward moving slope of RSI might face reversal near level 68.
The ADX reflects a static trend momentum inside the consolidation, while it is trading at 21.5, and the slope in ADX is hardly giving any noteworthy movement.
Conclusion– Continuation of the consolidation might bring the possibility of a big move but the direction of that move is undecided yet. Early investors may like to wait till a proper breakout is observed.
Support- $30 and $34
Resistance – $47 and $55