Uniswap price analysis: UNI could rise up to $8.38 before correcting


Uniswap price analysis continues to show a bullish reading, as price rose more than 5 percent over the past 24 hours to reach as high as $7.63. UNI has been on an extended uptrend since July 13, 2022, when price was at $5.26. Since then, the token has achieved a month-long high which came about over the past 24 hours at $7.63.

Price currently sits at a minor resistance point at $7.45. If this value is cleared, the current trend carries potential to hit $8.38, before price could be expected to form a correction. Investors currently in the market will be looking to hold on to UNI for now, while new entrants would wait for some retracement. Current support sits at around $5.6.

The larger cryptocurrency market continues to ascend upwards, as Bitcoin hit the $23,500 mark for the first time in more than a month, increasing 7 percent over the past 24 hours. Ethereum also rose 7 percent, hitting the $1,500 mark. Among leading Altcoins, Cardano jumped 8 percent to $0.51, whereas Ripple increased 4 percent to reach up to $0.37. Dogecoin also moved up by 4 percent to sit at $0.069, while Solana and Polkadot recorded increments worth 14 and 7 percent, respectively.

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Uniswap price analysis: Cryptocurrency heat map. Source: Coin360

Uniswap price analysis: RSI sets into overbought zone on 24-hour chart

On the 24-hour candlestick chart for Uniswap price analysis, price can be seen following an ascending triangle pattern, which has resulted in a month-long high point for UNI at $7.63. Price has risen more than 40 percent over this period and could still visit the $8.38 mark before profits are taken out of the market. However, price currently sits at a minor resistance value of $7.45 which can prove crucial in determining future outcome for UNI. Price currently sits well clear of the 9 and 21-day moving averages on the daily chart, along with the crucial 50-day exponential moving average (EMA) at $6.93. Downward support is set further below these points at $5.6 in case of a retracement.

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Uniswap price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows a value of 65.23 which appears to be heading deep into the overbought zone in terms of market valuation for UNI. Trading volume also rose 52 percent over the past 24 hours, suggesting of incremental buying which could cause price to correct soon. The moving average convergence divergence (MACD) curve continues to sit clear of the neutral zone, showing a bullish divergence pattern.

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