Uniswap Token (UNI) Forms Rounded Bottom, Can Price Hit $7.5?

  • The UNI price is more bullish as it forms a rounded bottom under key resistance that price aims for breaking above.
  • UNI finishes the week by closing with two bullish candlessticks. 
  • The price for UNI is lower than 8 and 20 EMA.

Uniswap (UNI token) is having a difficult start to 2018. It has not been able to maintain key support. The current $6.5 price for Uniswap (UNI token) shows that price has fallen from $45 (a high) to $6.5 (a low). Price hopes to break from the long-term downtrend. The price of UNI has struggled to keep up with Bitcoin’s (BTC) range movement as this has affected most altcoins, including the price of UNI. Data from Binance

Uniswap Tokens (UNI) Analysis of the Weekly Chart

The cryptocurrency market hasn’t had the best price movement in recent times, but that doesn’t mean that some crypto assets haven’t shown great strength in bouncing from their lows and breaking out of their downtrends to establish bullish momentum.

Despite less recent price movements, UNI continues to trade below its key resistance level at $6.6. This has prevented a rally to new heights.

UNI’s price fell from a high of $45 to a low of $3.5 as it bounced off that region, quickly rallying off to a high of $8, but the price was rejected as it continues to struggle to break out of its price range.

The price action in UNI finished the week with a bullish outlook. It broke the resistance level at $6.7 and set the stage for a stronger price movement ahead of next week.

To rally to a higher area with bullish sentiments, the price must hold at $6.7. If the price is rejected in this region we might see it retest a $5 support zone.

Weekly resistance for the price of UNI – $6.7.

Weekly support for the price of UNI – $5.

Chart Price Analysis For UNI On The Daily (D)

Source: UNIUSDT on Tradingview.com| Source: UNIUSDT On Tradingview.com

BEL’s daily price continues to be bullish, as it forms a round bottom after breaking through the neckline resistance.

The price of UNI traded at $6.7, as it attempts to exceed the 50-200 Exponential moving average (EMA). The daily price of UNI is $6.3, which corresponds with the 50-200 EMA.

Relative Strength Index (UNI) for the daily timeframe is higher than 45. This indicates that there has been less volume of buys.

Daily resistance for the UNI price – $6.7.

Daily support for the UNI price – $5.


Featured image from themarketperiodical. Charts from Tradingview 

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