https://ift.tt/3JvBlOF price analysis: UNI to retest resistance at $18.42 as bulls dominate the market

TL;DR Breakdown

• Uniswap price analysis is bullish today.
• Resistance is present at $18.42.
• The support is present at the $17.7 level.

The Unswap price analysis is bullish for today as the trend is again changing with bulls making progress. The coin found support at the $17 level after a sell-off was observed for two days on 28th and 29th December. The trendline is again moving up since yesterday as the coin value is continuously rising, and the price improved from $17.11 to the current price level of $18, further improvement in price is also expected later today, after a correction taking place currently as UNI is facing resistance at $18.2 as well as $18.4.

UNI/USD 1-day price chart: Bullish momentum helps in maintaining the recently started upwards trend

The 1-day Uniswap price analysis shows the crypto pair traded in a range of $18.2 to $17.7 today. UNI/USD is trading hands at $18.18 at the time of writing. UNI reports an increase of 4.93 percent in value over the last 24 hours as the trend was upwards yesterday as well, and it also reports an increase in price value by 1.02 percent over the past week as the short-term trend line is also upwards. But the trading volume is low today as it has decreased by 28.71 percent.

The volatility for UNI is high as the Bollinger bands show divergence. The upper band has gone up to the $19.6 mark representing the resistance level for UNI price, and the lower band is at the $13.2 mark. The mean average of the indicator is present at the $16.4 mark representing the support level for the coin.

The price is trading above the moving average (MA), which is present at the $18 mark. The relative strength index (RSI) is on an upwards curve above the centerline of the neutral zone. The upwards curve of the indicator shows the buying activity in the market as it is trading at index 52.

Uniswap price analysis: Recent developments and further technical indications

The 4-hour Uniswap price analysis also shows an increase in price value, as the bulls made good progress in the starting hours of today’s session, but selling pressure arrived as the price reached $18.2, and the coin is currently under correction.

The volatility indicator shows signs of convergence as the price is trading between the upper band and the mean average of the indicator, which at $19.2 represents resistance for UNI, and the average at $18 represents support. The RSI on the 4-hour chart is trading at a horizontal curve due to the reversal of the trend as selling pressure came in. The indicator is trading at index 53 in the upper half of the neutral zone.

Uniswap price analysis: Conclusion

The Uniswap price analysis has been bullish up till now, but bears are degrading the price and have caused quite considerable damage. If the selling pressure continues, then UNI may revisit $17.7, but overall we expect UNI to move higher again after correcting for a few hours.

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