Uniswap is an open-source liquidity protocol that fosters financial inclusion by facilitating builders, traders, and liquidity providers to participate in the financial marketplace. It also provides a robust platform for the creation of decentralized apps. UNI is the prime governance token of this public blockchain network. Let us look at the technical analysis for the same.
Past Performance
On Jun 22, 2021, UNI opened at $15.80. On Jun 28, 2021, UNI closed at $17.68. Thus, in the past week, the UNI price has increased by roughly 12%. In the last 24 hours, UNI has traded between $16.91 – $18.44.
Day-Ahead and Tomorrow
Currently, UNI is trading at $17.90. The price has increased from the day’s opening price of $15.80. Thus, the market seems bullish.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst a bearish trend.
Currently, the RSI indicator is at 39%. It faced rejection at 42% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the UNI price.
However, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will push the price further down. In short, all three oscillators have given bearish signals.
UNI Technical Analysis
Currently, the price is below the first Fibonacci pivot resistance level of $18.26. It may soon fall below the Fibonacci pivot point of $17.68. Thereafter, the price may further fall below the first, second, and third support levels of $17.09, $16.73, and $16.15.
The price may soon test and fall below the 76.4% FIB retracement level of $18.08. The price may further fall below the 61.8% FIB retracement level of $17.85 as well. Thus, as of now, the bears are strong. Hence, we can expect the price downtrend to continue today and tomorrow.
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