Uniswap (UNI) had a good run in the past week. The price is on the upswing after a bearish start to the week. As of 23rd January, UNI was trading at $8.71. The closing price on 28th January was $14.10 – a phenomenal increase of approx. 62% over the week. Past 24 Hours’ Performance of UNI In the past 24 hours, UNI price is fluctuating between $13.49 and $15.75. The overall bullish trend continues with intermittent price corrections. https://ift.tt/3r0bLHv How the Trade Holds Today Currently, UNI is trading at $14.94. Using the 24-hour high and low figures of $15.75 and $13.49, respectively. The Fibonacci pivot levels are as follows:- Description Level 1 2 3 Resistance 15.3167 15.8502 16.7137 Support 13.5897 13.0562 12.1927 Four hours back, UNI price did manage to breach the first resistance level of $15.31. As there was a price pullback and currently, it is struggling to go past $15. A bullish trend can be sustained only if the UNI price breaches all three resistance levels. The OBV indicator is rising and so is the price. Thus, the uptrend is likely to continue and we can expect the price to stabilize at least above the first resistance level by the end of the day. The A/D line is very volatile and is steadily falling. As price is rising, it implies that there is higher distribution or selling pressure. On basis of this, the price can decline. However, it is still too early to anticipate a bearish trend. The RSI indicator shows that price is facing a bearish swing rejection at 70%. Currently, at 48%, RSI is gradually heading towards the ‘oversold’ territory. Thus, RSI is indicating selling pressures. If RSI does not keep moving towards the ‘overbought’ territory, then bulls will struggle to sustain. The AO indicator is in the positive territory and thus giving a ‘buy’ signal. But, the ‘buy’ signal is not strong enough yet. Till buying pressures do not become strong enough, UNI price will struggle to break out of the first resistance level. Predictions for Tomorrow Currently, the MACD line has crossed below the ‘signal’ line. But, the bearish crossover is of a very small magnitude. While it does indicate higher selling pressures, it is not strong enough to confirm a downtrend. Thus, we can conclude that currently, neither the buying nor the selling pressure is strong enough to create significant price changes. With no steep price pullbacks, a bearish trend is not imminent. By tomorrow, we can expect buying pressures to take over, and consequently, the uptrend will continue.
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