Home CryptoCurrency News Uniswap Token (UNI) Forms Rounded Bottom, Can Price Hit $7.5?
CryptoCurrency News - October 4, 2022

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

  • UNI price creates more bullish sentiment as price forms rounded bottom below key resistance as price aims to break above.
  • UNI closes the week with two bullish candlesticks. 
  • The price of UNI breaks and holds above 8 and 20 EMA.

Uniswap token (UNI) has had a rough start to the year and has failed to hold key support as the price of Uniswap token (UNI) had a spiral from a high of $45 to the current price of $6.5 as price aims to break out from its long downtrend movement. 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 Token (UNI) Price Analysis On 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 showing less price movement in recent weeks, the price of UNI has continued to trade below the key resistance level of $6.6, preventing a rally to new highs.

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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 of UNI ended the week looking more bullish as bulls pushed the price to break the resistance at $6.7, setting up a more bullish price movement for the price of UNI ahead of the new week.

The price of UNI must break and hold above $6.7 in order to rally to a higher region with more bullish sentiments; if the price of UNI is rejected from this region, we may see the price retest a $5 region acting as good support zones.

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Weekly resistance for the price of UNI – $6.7.

Weekly support for the price of UNI – $5.

Price Analysis Of UNI On The Daily (1D) Chart

Daily UNI Price Chart | Source: UNIUSDT On Tradingview.com

The price of BEL on the daily timeframe continues to look bullish as the price forms a rounded bottom as the price breaks out of the neckline resistance.

The price of UNI trades at $6.7 as the price attempts to break above the 50 and 200 Exponential Moving Average (EMA). The price at $6.3 corresponds to the price at 50 and 200 EMA for UNI on the daily timeframe.

The Relative Strength Index for UNI on the daily timeframe is above 45, suggesting less buy volume.

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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