Uniswap Price Movement Analysis for 8th April, 2021

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Uniswap’s price has risen over the last year. Although the coin’s value has risen by over 850 percent, pricing activity has been largely sideways for the past two months. This was especially valid for the month of March, and considering the current state of the economy, UNI may see the same pattern continuing.

At the time of publication, UNI was trading at $29.8 and had a market capitalisation of $15.4 billion. However, UNI has seen a 2.1 percent correction in the last 24 hours, with the altcoin recording a trading value of more than $665 million.

 

UNI 1-day chart

The price of Uniswap has been extremely rangebound over the last week, and this pattern is expected to continue in the coming week. For the last two weeks, the resistance level at $35.3 and the support level at $25.7 have all been tested. If there is a significant price reversal, UNI could fall as low as $21.

With the current intense restructuring process in the UNI industry, it is difficult to decide whether a long or short position will be better fit in certain market conditions.

RECOMMENDED READ:  Elrond, Polkadot, Tezos Price Movement Analysis for 22nd March, 2021

 

Rationale 

The coin’s technological metrics portrayed a polarising image. In certain cases, this would result in rangebound pricing behaviour in the medium term. At the time of writing, the MACD predictor seemed bearish after a bearish convergence, with the Signal line crossing over the MACD line.

The RSI also indicated some divergence. The indicator seemed to be approaching the overbought sector.

 

Conclusion

The price of UNI has been largely rangebound, trading within the boundaries of its immediate support and resistance levels. UNI did not seem to be breaking out of its consolidation phase in the coming week because it lacked any bullish traction.

It may be challenging for UNI to break through the $35-resistance level; but, if a price reversal occurs, the $25-price range may help stabilise the price.

 

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