- The UNI token price is trading near the demand zone on a daily time frame.
- The UNI token price is forming a falling wedge pattern on a daily time frame.
- The pair of UNI/BTC is trading at the price level of 0.000311 with an increase of 0.23% in the past 24 hours.
The UNI token price, as per the price action, is seen hovering around the supply zone on a daily time frame. The token price has fallen back to the demand zone after it faced the bearish pressure that prevailed in the past weeks. The token price is trading near the demand zone, as it firms a bullish chart pattern. The UNI token price is forming higher high and higher low formation on a daily time frame. On a weekly time frame, the token is in a bearish trajectory as it is falling continuously. The token price is currently consolidating as the global market rests after hefty selling. Although the token price is forming a bullish chart pattern, it needs to break the supply zone for a further up move. The token price is currently trading below the 50 and 100 MAs. The recent bearishness rally in the global market led to the breakdown of the 50 and 10p MAs. Moving upwards the token price can be seen facing strong bearish pressure from these MAs. The UNI token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. The range of the Bollinger band indicator has narrowed indicating a sharp and fast move on the breakout side. Volumes have increased as the token price showed a bullish movement in the last 24 hours.
The UNI token price is forming a falling wedge pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 38.74 as the token bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The UNI token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend, crossing the 50 halfway mark.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone as it bounced off the demand zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the UNI token price fell after the breakout of long-term resistance. As of now, the token price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously dipping as the token price trades in a bearish trajectory on a weekly time frame. As of now, the token price is trading at the important supply zone. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the token price is trading in a small range on a 1-hour time frame, and if the same continues the token price can be seen breaking on either side, triggering strong moves in the upcoming days. The ADX curve has dipped out of the 20 mark.
CONCLUSION: UNI token price is in an uptrend on a daily time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of proper bounce back and then act accordingly.
SUPPORT: $5.00 and $4.8
RESISTANCE: $6.9 and $8.1