The UNI token is showing bullish results for the day as the price continues to rise. The price has risen up to $6.23 since its opening, exceeding all expectations. This is a positive sign for the token and indicates that investors are bullish about the price of UNI. The 1.02% increase in the last 24 hours also shows that investors are confident about the token’s future performance.
UNI/USD Daily price chart: CoinMarketCap
The bullish sentiment is further supported by the high trading volume of over $91 million which was seen in the last 24 hours. This shows that investors are actively buying and selling UNI in an effort to cash in on its potential gains. Additionally, the market capitalization of UNI has also crossed $4.55 billion, indicating a strong interest in the token. The circulating supply of UNI has also crossed 762 million, a testament to its acceptance as a viable and valuable asset.
The daily chart for Uniswap price shows that the token is currently trading above the level of $6.20, indicating a strong bullish momentum in the market. Furthermore, strong support for the token is seen at the level of $5.98, and if bears manage to push the price below this level, then there could be a further drop in the price of UNI. On the other hand, if bulls manage to keep prices above $6.50, then the token may continue on its uptrend and move toward higher levels.
UNI/USD 1-Day Chart: TradingView
The technical indicators also suggest that the UNI token is likely to rise further in the near future. The moving average indicator is currently at $6.26 just above the current market price. The MACD (Moving Average Convergence/Divergence) line has crossed above the signal line, indicating a positive outlook for UNI. Additionally, the histogram has been rising, further corroborating the bullish sentiment. The RSI also is at 45.46, indicating that the coin is in the neutral zone, neither oversold nor overbought.
The hourly chart for the UNI token shows that the bulls are still in play. The market for UNI opened today’s trading session in a massive bullish breakout at $6.18, resulting in a price spike that took the market above the $6.20 level. The strong bullish momentum behind UNI has been further strengthened by the recent buying activity which is pushing the price up toward higher levels.
UNI/USD 4-hour chart: TradingView
The hourly moving average indicator for UNI is also showing an uptrend at $6.20, with the 50-day MA crossing above the 200-day MA. The MACD average indicator is also showing a bullish crossover, and the histogram is displaying an uptrend. Additionally, the Relative Strength Index (RSI) is also at 39, indicating that it is in a neutral zone, and if bulls persist, the RSI could move toward the overbought zone.
In conclusion, the UNI market is currently in a strong bullish phase, and the technical indicators are signaling that it could continue to rise further. Investors should be aware of strong support at $5.98 and resistance at $6.43 while trading Uniswap’s token. If the bulls manage to keep prices above $6.50, then it could break to new highs and investors may stand to benefit from its potential gains.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
