Uniswap: the beginning of a new impulse on the UNI price?

The Uniswap (UNI) token has been on a rollercoaster ride since the start of the year. The token had also raised high hopes when it passed above $6.80. Analysts then predicted that this level could be defined as a support point.

Unfortunately, UNI fell back to around $6.6 and continues to keep investors in a state of indecision. And things are struggling to show a real path with developments that are still uncertain and controversial. Here is a little more in-depth analysis of the situation in this article.

The UNI token: the showdown between bullish and bearish

This is the MACD that interests us for Uniswap, which allows us to analyze the buy and sell signals of an asset. And for now, the trend indicates that the token has been in a bearish state for a few days, with a histogram leaning towards red. An indicator that is confirmed in a context where UNI has fallen since its peak at $6.98 on February 19.

But beware, in a shorter time, UNI still managed to straighten the slope, initially falling to $6.4 before rising to $6.6. A recovery that suggests hope for the token with a candle in the green indicating a resumption of investor buying recently.

UNI’s MACD chart depicting the token’s decline in recent days with red candles in recent days and the slight recovery with a green histogram.

This fight had also been predicted by the RSI located at 40 yesterday, which predicts that bullish and bearish are in full struggle on the UNI token. However, we perceive a slight advantage of bullish investors when we look at the indicators of TradingView.

Technical indicators are in the green, but for how long?

The recent rally in UNI’s price may suggest that the bullish is gaining the upper hand. UNI has just broken out of a new rise, recovering its level from yesterday at around $6.6. But the fight is fierce, and UNI is still struggling to really take off.

Chart of UNI token price action on CoinMarketCap over a 1-day period. Recovery in value of the token after a significant drop.

If we refer to the technical indicators of the site Trading View, the trend seems to lean more towards the side of the purchase, suggesting that UNI could soon tickle the bar of $7 in the near future. On a 2-hour focus, the indicators are in a “Buy” state, to be taken with a grain of salt since the status quo is not very far away with a 10/10 ratio (neutral vs buy). Over a broader period of 1 day, the indicators are however in a state of “strong buy”.

So what about the sequel to UNI? If bullish investors prevail in the next few hours or days, we could then expect UNI to rise around $6.90 to $7.20 for a short while before the bull run continues.

An enviable situation, but which, for the moment, is no longer as certain as it could have been yesterday. Investors, we advise you to remain attentive to UNI’s developments in the coming hours, because these could be full of twists and turns.

Source : TradingView, CoinMarketCap

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