The past week has been good for Uniswap. The UNI price has been consistently showing a bullish trend. The price has surged by approx. 41%. This rising trend is indicative of significant whale accumulation. As of February 3, 2021, the closing price of UNI was $19.70. In the past 24 hours, UNI has been trading between $19.13-$21.60 https://ift.tt/2MRVRjN How It Looks Ahead for UNI Currently, UNI is trading at $20.26. The price has risen above the opening price of $19.74. The SMA and EMA lines are above the price line implying that price uptrend will resume. The A/D indicator is rising. So, accumulations are more than distributions. Since, the price is falling, there is a positive divergence here. The price fall is temporary. A trend reversal likely. However, the OBV indicator is falling implying that selling volumes are more than buying volumes. Thus, the price pullback may continue for some time. Presently, the RSI indicator is at 46%. Three hours back, it had gone below 30% indicating very high selling pressures. However, it has rallied from the ‘oversold’ region and is steadily rising. But, since it is still closer to the 50% level, it means selling activity is still higher than the buying activity. The bearish momentum will continue for some time. The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line gives further credence to the continuity of a bearish momentum. However, both the lines are very close to the zero line. They may change signs soon. If they change signs, then a trend reversal may set in. The ADX line is falling. Therefore it shows that the bearish momentum is still strong. The AO indicator is also negative. But, since the AO indicator is also very close to the zero line, it may change sign soon. Thus, a trend reversal may occur. With mixed signals from technical indicators, it is too early to confirm an uptrend or downtrend. The current UNI price is just above the Fibonacci pivot point of $20.14. If the price successfully manages to break out of the first Fibonacci resistance level of $21.08, then it means a trend reversal has occurred. We can expect the price to continue its upward movement tomorrow as well. However, if the price falls below the first Fibonacci support level of $19.20, by today, then we can expect a price downtrend.
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