• Uniswap price is currently trading at $5.37 after failing to breach its immediate resistance at $5.49.
  • UNI needs to flip the critical resistance at $5.07 into support in order to initiate a run up to $6.1.
  • If the altcoin loses the support floor at $4.99, it would invalidate the bullish thesis resulting in a drop to $4.73

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

Uniswap price is yet to turn bullish

Uniswap price dipped to $5.37 at the time of writing after having almost breached its immediate hurdle at $5.49. The failure to close above this line initiated a downward momentum for the cryptocurrency. However, UNI might be able to negate this momentum if buying pressure takes precedence.

The Relative Strength Index (RSI) is still in the bearish, neutral zone, which indicates that the market is far from being overheated. If over the next few trading sessions, bulls take charge, Uniswap price could become bullish again.

This would enable the DeFi token to breach through $5.49 and run up toward its critical resistance at $5.70. Uniswap price would need to flip this level into a support floor in order to mark an upswing toward $6.14, tagging which would constitute a 14% rally for UNI.

UNI/USD 4-hour chart

UNI/USD 4-hour chart

However, the Parabolic Stop and Reverse (SAR) did turn bearish as the black dots of the indicator moved above the candlesticks. This change in position highlights an active downtrend for the cryptocurrency, which could keep control with the bears.

Should that happen, Uniswap price could end up falling through its immediate support level at $5.23 and tag the critical resistance at $4.99. A daily candlestick close below this price point would invalidate the bullish thesis pushing UNI down to the monthly lows of $4.73.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP