5 months ago 3 min read

After Forming This Pattern, Uniswap Price Breaks Through The $7 Level


The consolidation phase has been broken by the Uniswap pricing. The altcoin has increased by more than 4% over the past day. The coin increased by around 8% in the previous week, which is comparable to a rally.

Since the other altcoins started to go north on their charts, UNI has stayed steadily green. The coin's technical outlook supported the bullish force as well.

However, Uniswap must keep up its trend and trade over its current price ceilings. If not, the bulls might soon start to weaken.

The bulls have received support from buyers. The one-day figure shows that Uniswap demand increased significantly.

For the coin to fully enter a bullish control, it is crucial that UNI trades above the $8 price level.

The price of Uniswap has kept making greater highs, which are associated with a powerful bullish momentum. The market capitalization of all cryptocurrencies as of today was $1.04 trillion, up 0.5% over the previous day.

One-Day Chart Analysis for the Uniswap Price

At the time of writing, the price of UNI was $6.906. The coin has been struggling mightily over the past several weeks to surpass the $7 price point.

The bulls accelerated past the $7 price level thanks to the market's overall strength. At $7.40, the coin immediately ran into resistance.

UNI Price at $7.047 on 1D Chart | Source: TradingView, anushsamal

This pricing point is significant for the coin. Before the coin can trade over the $8 price level once the bulls manage to break above $7.40, it may encounter another resistance at $7.90.

If the altcoin drops below this level, it will first reach the $6.47 price level and then the $6.02 support line. The volume of UNI traded in the previous session climbed as well, suggesting that there were more purchasers.

Technical Analysis for UNI

Over the past month and a half, the altcoin has seen more selling pressure than buying strength. Buyers have recently taken a break from lateral trading and are now back on the chart.

The Relative Strength Index was above 60, which is regarded as positive and indicates that there are more buyers than sellers.

UNI Increased in Buying Strength on 1D Chart | Source: TradingView, anushsamal

UNI also developed a bullish engulfing pattern, which appears on a chart as larger, greener candles. Positive price activity is associated with this pattern.

The Uniswap price was above the 20-SMA line, indicating that demand for the alternative currency was increasing. Additionally, it implied that market price movement was being driven by purchasers.

UNI Displayed Buy Signal on 1D Chart | Source: TradingView, anushsamal

Other technical indicators also indicated that UNI was under a bullish trend. The strength and direction of an asset are shown by the Moving Average Convergence Divergence.

The MACD created green histograms and conducted a bullish crossover. These served as the altcoin's buy signal. The Bollinger Bands gauge price turbulence and volatility.

The bands were moving parallel to one another, indicating that there won't be any sudden volatility in price movement during the future trading sessions.

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