TL;DR Failure

  • Uniswap price analysis is bullish today
  • The UNI/USD pair is $10.39.
  • The nearest resistance level is at $10.8.

Yesterday's price analysis chart closed with sellers dominating the market, causing prices to fall. When today's K chart opened, the bulls rushed into the market, reversing the bearish trend.

The UNI/USD pair is at $10.39. As shown on the daily chart, UNI/USD has broken the downtrend line formed since December and will now continue to offer resistance.

The UNI/USD pair has tested the area of interest several times before forming a clear resistance or support level. It is too early to predict whether the price will continue to retest $10.8 to the upside or whether it will fall below $9.5.

We expect further resistance at $12 and $13, although these levels may not necessarily come soon considering how many sellers dominated today's session, pushing prices well below yesterday's high of $10.60.

The nearest resistance level is at $10.8. The price action has tested this level several times in the last few weeks. Each time, buyers have successfully defended it, which means there are enough buyers waiting to buy for any major sell-off that would push prices back below that level.

UNI/USD 1-day price K-chart. Source: TradingView

After being in a downtrend for most of yesterday, bulls rushed into the market again today, pushing prices higher. However, it is still too early to declare an end to this upward swing, especially considering the sharp sell-off UNI/USD has experienced in the past few days. If sellers maintain their position in the market, expect the price action to repeatedly test the important support levels of $10 and $9.50 until buyers reach a consensus or there is a breakout in either direction.

It is uncertain whether the recent push is ongoing or just temporary as there is no major news driving it other than short sellers possibly closing out their positions to take profits.

For now, it's a wait-and-see mode as to whether the recent bullish momentum will continue to overwhelm the shorts, but there are certainly strong indications that the bulls will soon push the K chart higher again.

So far, the bulls have defended the $10.8 mark several times before the selling pressure started to pull the price back to $10. As long as these levels hold, expect an upward move from here, but if they fail, look for the UNI/USD pair to retest the swing low of $9.5.

UNI/USD 4-hour price K-line chart. Source: TradingView

The MACD has moved into bullish territory since yesterday. As you can see in the K chart, both the 12-day EMA and the 26-day EMA are trending north, which indicates that the bullish trend is continuing.

The RSI has risen since yesterday, indicating that buyers are getting stronger and sellers are getting weaker. The current RSI reading of 58 also indicates that the UNI/USD pair is currently bullish.

It looks like the bulls are ready to make one last attempt to push the price higher than $11, but will they succeed? The bearish trend line is still intact and will probably continue downwards, but what will happen eventually? Will UNI / USD retest the swing low or will there be a long storm with higher highs to $11 soon?

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