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Uniswap price analysis: UNI nears $6.08 as bulls continue to rule

source-logo  cryptopolitan.com 31 March 2023 23:44, UTC

Uniswap price analysis for today shows that the coin is on a bullish trend after it surged to $6.08. The Uniswap price had been on a downtrend before it found support and started rallying upwards. The market surged to highs of $6.11 before it started retracing. The current market retracement looks like a healthy pullback that could see the UNI price resume its upward trend. On the downside, support is present at $5.87, while resistance is at $6.11.

The 24-hour market cap has surged by more than 3.511 percent to reach $3.51 billion, UNI is ranked 18th on CoinMarketCap in terms of total market capitalization. The 24-hour trading volume is $75 million, with a decrease of 3.87 percent indicating that bulls need to gather more momentum in order to sustain the bullish trend.

Uniswap price analysis on a 1-day price chart: UNI/USD makes another jump high

The 1-day Uniswap price analysis shows the price movement has been upward for the last 24 hours. The Coin has gained over 3.46 percent in value at the time of writing this report. The past week has been quite unfavorable for the bulls, but right now, the bulls are in the leading position. The price has moved up to the $6.08 level as a result of the increase in bullish momentum.

UNI/USD 24-hour price chart, source: TradingView

The moving average (MA) value is also standing high as it is resting on the $5.89 position currently below the price level. The volatility has increased today, which should be taken as a positive hint regarding future trends as the price is still in the lower price envelope. Moreover, the Bollinger bands Indicator is showing a change in values as well now the upper value is $6.59, and the lower value is $5.54. The RSI is currently at 49.34 indicating a neutral market situation.

Uniswap price analysis: Recent developments and further technical indications

The 4-hour Uniswap price analysis indicates an increase in price after the return of the bullish candlesticks on the price chart. The bullish momentum has resulted in the price going up to its current value, which is $6.08. The bulls need to maintain this momentum, and the price should not face any serious rejection from here.

UNI/USD 4-hour price chart, source: TradingView

The moving average is still lower than the current price at $5.97, as the bulls have been largely in control during the day. The volatility has been high since yesterday, which is why the Bollinger bands average is now at $5.95. The upper and lower Bollinger bands values are as such; the upper value is standing at $6.09, and the lower value is at $5.81. The Relative Strength Index (RSI) is rising as well and it stands at 60.99, which indicates that the bulls are dominating.

Uniswap price analysis conclusion

The Uniswap price analysis for today shows a bullish trend as the bulls have been in control of the market. The 1-day and 4-hour technical indicators suggest that UNI will continue its upward rally, and it should not face any serious rejection from here. However, it is important to keep an eye on the resistance levels, as there could be a pullback if the bulls fail to gather enough momentum. As long as the support level of $5.87 holds, UNI should continue its uptrend in the near future.