Uniswap Price Movement Analysis for 4th April, 2021

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Uniswap V3 is scheduled to go live on May 5, 2021, with a slew of new features like concentrated liquidity and various fee rates that, according to the developers, would make Uniswap “the most scalable and powerful AMM ever built.” These functions, among other aspects, allow users to receive the same amount of payments as with v2 while putting even less money at risk when delivering liquidity.

On the charts, UNI’s January rally that took it from $3.7 to $31 in eight weeks has eased over the past month. UNI has failed to crack through the $31.6 and $35 support ranges, but has stayed above the $25 mark.

Uniswap 12-hour chart

The $31.6 and $35 resistance thresholds are notable for UNI, and the $33.55 mark has also acted as resistance in recent weeks. For the last month, the $28.85 to $29.85 range has served as both supply and demand. UNI has tested and climbed beyond this area in the last few days, and it is possible that it will be flipped to a demand area.

Reasoning

The 20-EMA and 50-EMA (white and yellow, respectively) were next to each other, indicating a loss of traction in recent weeks.

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The RSI has been oscillating around the neutral 50 level and hasn’t hit either extreme in the last month, indicating a lack of a solid trend.

For the last ten days, the OBV has steadily increased, resulting in a supply-to-demand ratio of $29 being flipped. Buyers, on the other hand, have a long way to go before confirming a breakout. The Chaikin Money Flow was +0.05 at the end of the most recent trading session and could rise more.

 

Conclusion

The price movement between $26 and $35 represents the market creating support for its next major leap. The change has not yet taken place, although it is expected to do so in the coming weeks.

It has a market capitalisation of $16 billion, and Uniswap receives nearly $3 million in fees each day. In this bull market, UNI could break through $35 and set fresh, lofty higher highs in the coming months if fundamentals stay solid. Using Fibonacci extension stages, a target of $49 and $75 has been estimated.

 

 

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