- The Uniswap crypto price has been struggling between $5.60 and $7 for the past few months.
- The RSI is at 58 and heading toward the overbought zone.
On a weekly time frame, the Uniswap (UNI) crypto price was declining by facing resistance from the trendline and could not approach the last swing high. Recently, the UNI price broke out from the trendline and managed to approach the previous swing high and sustained.
Uniswap price is continuously defending the $6 level and is currently up by 12% from this level. In the past few weeks, the UNI price attempted to approach the $8 mark but failed to sustain and melted to the $6 level.
The Uniswap crypto price trades over the significant moving averages, showcasing the bullish momentum. RSI was in the neutral zone but is rising to the overbought zone.
UNI Crypto Price Has Formed Descending Triangle on Weekly Timeframe
The Uniswap price has formed a descending triangle on a weekly time frame, giving a breakout from the triangle with a strong bullish candle. The price has successfully defended the $6 mark and has gained bullish momentum.
Buying momentum can be expected if the UNI crypto price surpasses the 100-day EMA and sustains the $8 mark. If the price enters the $9 hurdle, buyers may lift the price to $12 in the next few weeks.
On the other hand, if the UNI price takes a reversal and fails to defend the $6 level, most of the buyers may face their stop losses, which may lead to intense selling pressure, and the price may melt to the $4 mark. But, if the Uniswap price slips below the $4 hurdle, it may register a new all-time low in a few months.
Technical Analysis of Uniswap Price on 1-D Timeframe
The Uniswap price has struggled in a parallel channel for the past two months. Per the chart, the UNI price has jumped by 10% by taking support from the 100-day EMA in the last five days.
If the UNI price extends to the $7 level and manages to give a breakout from the channel, buyers may become confident, and a bullish momentum can be expected, which may lead to a 52-week high.
On the other hand, if the Uniswap price fails to sustain the $7 mark and declines, the price may consolidate in the parallel channel for some more time.
Uniswap Price Prediction FAQs
What is the UNI price prediction today?
The Uniswap price is predicted to drop 1% to reach $6.59 today.
What is the UNI price forecast for tomorrow?
Uniswap price is forecasted to behave negatively. The UNI price may fall 2.23% to reach $6.46 by tomorrow.
What is the current UNI price sentiment?
According to our technical analysis, the current UNI price prediction sentiment is bullish.
What is the Uniswap price prediction for this week?
Based on our analysis, the UNI crypto price is forecasted to range between $6.29 & $6.86 by the end of this week.
Conclusion
Based on the technical analysis of the Uniswap crypto price, the price is currently on a bullish momentum. It has the potential to reach the $12 mark in the next few weeks if it manages to surpass the $8 hurdle and sustain it. However, if the price fails to defend the $6 level, it may lead to intense selling pressure and melt to the $4 mark.
Technical Levels
Resistance level: $7.00 & $8.00
Support level: $5.80 & $4.80
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.