Uniswap Price Movement Analysis for 3rd May, 2021

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Though Ethereum made headlines for a latest all-time high of $3,000, Uniswap achieved its own ATH of $45 in the last 24 hours. UNI’s pattern has been healthy and positive over the last week, and the asset can now move higher in the charts.

At the time of publication, the UNI token was placed ninth in the rankings, with a market value of $23 billion.

Uniswap 4-hour chart

Uniswap’s 4-hour map shows that the $39 range has been measured three times in the last three weeks. UNI’s price movement resulted in the creation of a double bottom trend during that process. Following that, a bullish breakout occurred at the end of April, and the valuation hit $44.

A slight pullback pulled the commodity down to $40 once more, but it has since roared back up to $45 at press time. As the higher moving average crossed over the lower moving average, the SSL predictor indicated a solid buy signal. The 50-period MA has also helped to provide assistance to the continuing price increase.

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Market Rationals

UNI/USDT on Trading View

The Relative Strength Index was currently just below the overbought range, and small declines could occur if buying momentum persists. However, as seen in the chart above, volumes have remained elevated, indicating that the demand is active.

The MACD line flipped over the signal line, indicating a bullish theme. According to Awesome Oscillator, bullish momentum is gaining intensity as green candles becoming more prevalent in the map.

Conclusion

It will be a big week for UNI because on May 5, its V3 update will be out, which is expected to boost the user interface on the Uniswap exchange. The asset’s market price structure suggests that it could hit as high as $53, with significant peaks at $50 and $47.5.

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