Uniswap Price Prediction: UNI closes the gap to $40 despite broad-based crypto retreats

Published April 22, 2021 | Updated April 22, 2021

Uniswap Price Prediction: UNI closes the gap to $40 despite broad-based crypto retreats

  • Uniswap leads recovery in the market, posting incredible gains.
  • Breaking the resistance at $40 could bolster UNI to new record highs.

Uniswap has given a blind eye to the ongoing correction in the market to post double-digit gains over the last 24 hours. The decentralized finance (Defi) token is among the cryptocurrencies that managed to weather down the volatility in the market with ease since the beginning of the week. At the moment, Uniswap teeters at $36 while bulls focus on breaking above $40.

Before the breakout, Uniswap had settled on top of crucial support, highlighted at $30. A ranging channel controlled price action for a short period ahead of the ongoing bullish momentum. Several broken resistance levels set the precedence for the bulls to take control.

Meanwhile, all the short-term technical levels and indicate that bulls are comfortably in control. For example, the Moving Average Convergence Divergence (MACD) hints at the uptrend remaining intact in the short-term.

As the MACD crosses into the positive region, bulls are bound to tighten the grip on the trend. Moreover, the MACD line (blue) has crossed above the signal line, reinforcing the bullish outlook.

UNI/USD four-hour chart

UNI/USD price chart
UNI/USD price chart by Tradingview

The Relative Strength Index (RSI) is leaning to the bullish camp after gradually recovering from the oversold area. Movement into the overbought region would encourage more buyers to join the market, pushing Uniswap beyond $40. Trading above $40 will also trigger the fear of missing out (FOMO), bolstering UNI toward $50.

Uniswap intraday levels

Spot rate: $36.8

Trend: Bullish

Volatility: Low

Support: 50 SMA, 100 SMA and $30

Resistance: $38 and $40

 

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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John Isige 1104 Articles
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