Uniswap Price regains $5.00; Will UNI Price reach $8.00 soon?

• Uniswap Price surges 14% approx in the previous trading session.
• UNI Price regains the $5.00 mark and sustains above 50 day EMA.
• The Uniswap Price Prediction turned bullish and suggests a decent rise is possible in the long run.

Uniswap Price surges 14% in the single day and buyers succeed to regain the $5.00 mark. UNI Price recovered 50% approx after testing the swing low at $3.360 and showed strong signs of bullish trend reversal. 

The V-shaped recovery in Uniswap crypto indicates that the downfall was temporary, just to create fear in the market. 

The buyers able to push the Uniswap Price above the 50 day EMA indicates short term trend is working in favor of bulls. Well the 200 day EMA is placed slightly higher which will act as an immediate hurdle for the bullish traders. 

From the past few months, Uniswap Price is in a correction mode and declined slowly by forming lower low swings. 

Recently, In the beginning of June, UNI Price dropped below the $5.00 support which raised concern for the investors. However, Prices did not give follow through momentum and showed a strong bounce. 

Uniswap Price is trading at $5.297 with an intraday decline of -2.45%. In the last 24 hours the trading volume increased by 345% and volume to market cap is 7.31%. The massive spike in the buying volume shows that buyers are getting active and returning back to track.

Will the Uniswap Price hold $5.00?

Uniswap Price formed a bullish reversal pattern but the confirmation is still awaited. The confirmation of trend reversal will be visible only after breakout of the 200 day EMA. 

The recent up-move looks reliable and UNI Prices are expected to hold the $5.00 support. Therefore, if any minor retracement comes then it will be easily absorbed by the buyers. Till the prices are sustaining above the $4.500 the probability of bounce back remains high. 

On the higher side, $6.538 will act as a strong hurdle for bulls. The next phase of rally in UNI Price will begin after breakout of $6.538 level. If buyers succeed to break the hurdle then it will increase the possibility of reaching $8.00.

Will UNI Price give the follow up momentum

UNI Price displayed a bullish engulfing candle on the weekly time frame. The buyers are trying their best to give the follow up momentum. 

If the market leader Bitcoin Price continues to rise upwards then it will boost the confidence of investors. It might positively impact the prices of Altcoins including Uniswap. 

The MACD curve is rising and displays a positive crossover. The histogram bar is also rising which indicates bullishness and confirms the strength of bulls. The RSI at 67 denotes the bullish momentum is still intact and more upside is pending.

Conclusion

Uniswap Price Prediction is bullish and suggests a significant rise is possible. The UNI Price surges 14% in a single day and showed signs of bullish trend reversal. The recent up-move looks reliable and prices are expected to hold the $5.00. 

The technical analysis suggests, bulls are returning back and probability of reaching $8.00 is high.

Technical levels

Resistance levels: $6.500 and $8.000

Support levels: $4.500 and $3.623

Disclaimer

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