Uniswap Price Analysis: Consolidation Begins in UNI Token

  • Uniswap token price plunges after hitting $42.0 and now consolidates at $39.80 on intraday session
  • The UNI/BTC pair was trading at 0.0008154 BTC with a 5.44% increase
  • The 24-hour volume in Uniswap is declining by 5.0% at $1,032,158,829

The 4-hour technical chart of Uniswap token price action plunges and now is sustaining above EMA-50. According to pivot points, UNI’s critical support level is $36.65. Moreover, if it moves upside, the crucial resistance to watch is $43.65. Besides, the chart also features a bearish engulfing candle showing a confirmed bullish trend with high reliability.

The Exponential Moving Average (EMA), concerning EMA 20 & 50, acts as solid support in the coin’s price. EMA 20 is stuck to the EMA-50 line, intimating the sideways trend. Investors may notice the price is also trying to sustain above both the EMA. So until the price remains above both EMA, it will ensure Uniswap’s positive rate.

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The CCI indicator (Neutral) with the value of 12 indicates a neutral signal in the coin. The CCI line plunges from 106 to 12 on intraday sessions under short-selling pressure. Hence, It may remain sideways in short-term trading sessions.

The volume of (678.80K) showcases below the Volume MA (896.50K) of 20-days. The investors in Uniswap will hold their positions in the order book, resulting in a sideways trend in UNI. Investors may also observe moderate maintaining of volume in the chart.

Uniswap (UNI) Token Trend Remains Unclear For Short Term

Moreover, the Uniswap token price was trading at $39.83 with 2.30% positive daily and 1.84% negative returns in the weekly period. Technically, the price action is in a consolidation phase. The joining of EMA lines to each other makes the trend remains unclear. CCI is indicating a neutral tendency. With overall market sentiments, the price may consolidate here in this region for a while.

Resistance: $43.65

Support: $36.65

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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