- UNI price is generating more bullish sentiment as price forms a rounded bottom below key resistance as price aims to break above it.
- UNI closes the week with two bullish candlesticks.
- UNI price breaks and sustains above 8 and 20 EMA.
Uniswap Token (UNI) had a tough start to the year and failed to hold any key support as the price of Uniswap Token (UNI) spiraled from a high of $45 to the current price of $6.5 since the price is aiming to break out of its long down move. UNI’s price is struggling to keep up with Bitcoin (BTC) price action as it has impacted most altcoins including UNI’s price. (Binance data)
Uniswap Token (UNI) price analysis on the weekly chart
The cryptocurrency market hasn’t had the best price action lately, but that doesn’t mean some crypto assets haven’t shown great strength to recover from their lows and break out of their downtrends to establish bullish momentum.
Despite seeing less price action over the past few weeks, UNI price continued to trade below the key resistance level of $6.6, preventing a rally to new highs.
UNI’s price fell from a high of $45 to a low of $3.5 as it bounced off this region and quickly recovered to a high of $8, but the price was rejected as it continues to struggle to get out to break out of its price range.
UNI price ended the week with a more bullish look as bulls pushed the price to break the resistance at $6.7 sparking a more bullish price move for UNI price ahead of the new week.
UNI price needs to break and sustain above $6.7 to rally to higher region with more bullish sentiments; If UNI price rejects from this region, we may see the price retest a $5 region that will act as good support zones.
Weekly resistance for UNI price – $6.7.
Weekly support at the price of UNI – $5.
Price analysis of UNI on the daily chart (1D).
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 if the price breaks out of the neckline resistance.
UNI price is trading at $6.7 as the price is trying 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 is above 45 for the intraday, suggesting less buying volume.
Daily resistance for UNI price – $6.7.
Daily support for UNI Price – $5.
Featured image From themarketperiodical, charts from Tradingview
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