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May 18, 2021
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Guide & Analysis

Analysis: How is the price of Uniswap going?

The UNI trend has looked healthy and optimistic over the past week and, currently, the asset may rise further on the charts.

To date, the UNI token was ranked 9th on the charts, with a market value of $ 23 billion.

4-hour Uniswap chart

UNI / USDT in the Trading Vision

Looking at the Uniswap 4-hour chart, it can be seen that the $ 39 range has been tested three times in the past three weeks. In the process, UNI’s price movement has led to the formation of a double bottom pattern. A bullish breach was followed shortly afterwards in late April, and the valuation reached $ 44.

A small pullback pulled the asset to $ 40 again, but in the past few days, the asset has risen back to $ 43 at the time of publication. The SSL indicator suggested a strong buy signal as the highest moving average crossed the lowest moving average. The 50-period MA also continued to establish support for the ongoing price increase.

Market rationales

UNI / USDT
UNI / USDT in the Trading Vision

The Relative Strength Index (RSI) was currently well below the overbought zone and small corrections can occur if buying pressure continues. However, as shown in the graph above, volumes have maintained higher levels, which means that there is activity in the market.

MACD also indicated an upward trend with the MACD line rotating above the signal line. The bullish momentum is finding more strength also according to the Awesome Oscillator, as the green candlesticks are becoming more prominent on the chart.

Conclusion

It can be an important week for UNI, because in May 5 your V3 version will be released, which should improve the user experience on Uniswap Exchange. According to the market price structure, the asset can reach US $ 53, with significant levels of US $ 50 and US $ 47.5.

Source: AMBCrypto

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