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UNI Price Analysis: Prospects look thin for Uniswap to launch an offensive

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•UNI/USD is currently priced at $5.30 and has increased by 0.03% over the past day

•The trading volumes have increased by 8.48% over the past day

•The technical indicators suggest the altcoin is entering a period of consolidation 

Short Term View: Can Uniswap climb back to its resistance?

Source: UNI/USD by TradingView 

The Uniswap price today is $5.30 USD with a 24-hour trading volume of $162,798,816 USD. UNI is up 0.03% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.04276 for the altcoin. 

With buyers hovering at the $5 mark the chance of a reversal exceeding the immediate resistance to break through the trendline resistance increases. This positive scenario in the UNI market will take effect if buyers can take control of the $5.75 mark. However, the drop to $5 can fuel the downtrend and cause a decline to the $4.50 threshold. Technically, the price has durability and resides above the support level. So, as with the overall market sentiment, the trend remains bearish. Today’s price action has led to the altcoin showing strength on the four-hour chart as it is transacting above the 20,50 SMA which may act as support in the near term.

Long Term View for Uniswap 

Source: UNI/USD by TradingView 

The MACD indicator for UNI shows the histograms slowly reducing in strength despite being in the red. Moreover, a bullish crossover could occur on the daily chart which would provide some incentive to the bulls to go for an upswing. Furthermore, the RSI gradient has recovered from its slightly precarious position and is now transacting at 36.26 and thus, giving off a neutral signal.

Conclusion 

There is no indication of the Uniswap market improving over the next few hours. So, the prospects for the altcoin staging an upswing in the next few hours are quite thin.

Support: $5-$4.50

Resistance: $5.75-$6.40

Disclaimer

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

ALSO READ: Is Bitcoin (BTC) forming a significant technical pattern, as former Goldman Sachs ex Raoul Pal says?

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