- UNI token is attempting to raise the momentum further above the bars.
- Buyers followed in hoarding the token and bounced from the support zone.
Uniswap token is straining to break the sellers sail and beat the mighty bears in the upcoming sessions. Bulls are looking stronger amid the recent corrective move in the price but hold the gains decisively.
Uniswap token shows a bounceback from the demand zone of $4.80 and expels from there. However, the past week’s correction in price sinks the token price below the noteworthy moving averages. Moreover, the token is toiling near its demand zone near $5.000, and buyers prevail in holding the price near support levels.
If bulls strongly exceed the round mark of $5.00, momentum will rise, and a trend reversal will occur. Furthermore, a lower high neckline also inclines, staying near $0.5200. If it breaks, then a sharp price rise will be seen.
Moreover, the price chart shows a double bottom and falling wedge pattern, which offers a significant upside in the token price in the near-term sessions.
When writing, the UNI token trades at $5.000 with an intraday gain of 0.65%, showing neutral reactions. Moreover, the pair of UNI/BTC is at 0.000188 BTC, and the intraday trading volume also jumps by 2.20% to $34.97 Million. The intraday high of UNI is $5.064, while the low is $4.995. At the same time, the price action was not showing any wild moves in the last trading sessions.
Daily Candles Exploration of UNi
On the daily chart, Uniswap bounced the support mark of $4.700 and attempted a bounce to claim the neutral marks and fetch $5.00. If the token stays in the range, then bulls will activate the muscles in the upcoming days and raise the price to bring the neckline near $5.500.
Moreover, the double bottom pattern indicates a relapse continuity, showing that the price is bounced from the lower Bollinger band. The falling wedge pattern also suggests a significant increase. However, the trajectory supply mark is near $6.00; a drop was noted from there.
What Technical Indicators Say?
On the 4-hour chart, the UNI token displays that bulls are now keen to show bullish moves as optimistic outlooks are noticed on the chart.
The RSI curve is near 50 but delivered a positive crossover which signals that buyers are continuing to gain momentum and providing gains.
The MACD indicator also shows green bars on the histogram and registered a bullish crossover in the past trading sessions.
Conclusion:
Uniswap token price is now acquiring a grip near the support mark and propelling the gait of motion from the demand zone.
Technical Levels:
Support Levels: $4.00
Resistance Levels: $5.50 and $7.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.