{"id":175336,"date":"2023-05-11T15:32:26","date_gmt":"2023-05-11T15:32:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175336"},"modified":"2023-05-11T15:32:26","modified_gmt":"2023-05-11T15:32:26","slug":"uniswap-uni-surges-after-a-bumpy-ride-is-bearish-run-over","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/uniswap-uni-surges-after-a-bumpy-ride-is-bearish-run-over\/","title":{"rendered":"Uniswap (UNI) Surges After A Bumpy Ride, Is Bearish Run Over?"},"content":{"rendered":"
Uniswap (UNI) has been experiencing downward movement due to general market sentiment.\u00a0<\/span>The downtrend started on April 19, dropping<\/span> from $6 to $5. However, the price rises gradually, indicating that the bulls are building momentum.<\/span><\/p>\n This slight increase has left traders wondering if the bearish trend is over and whether things might start getting better for Uniswap (UNI).<\/span><\/p>\n Notably, UNI is up today by 3.27% at a high of $5.12 within the last 24-hour trading session.\u00a0<\/span>The 24-hour trading volume is also up by over 97.72% at $68 million, signifying that the UNI market is experiencing high activity. This data shows that the bulls build strong momentum with positive market sentiment.<\/span><\/p>\n Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report<\/p>\n Moreover, the token still holds the 22nd position on the <\/span>CoinMarketCap<\/span> ranking with a market cap of $2.9 billion. <\/span>According to <\/span>CFGI.io<\/span>, the market sentiment towards Uniswap (UNI) is bullish.\u00a0<\/span><\/p>\n The indicator confirms the bullish sentiment with a 61 reading, meaning investors are greedy. This further shows that investors are optimistic about the future potential, and the recent increase in price may be sustainable.<\/span><\/p>\n Even with the increasing price and trading volume, the technical indicators for UNI remained contradictory, with some pointing towards a potential bear market.<\/span><\/p>\n UNI is currently trading below its 50-day & 200-day <\/span>Simple Moving Averages<\/span> (SMAs) and has formed a Death Cross, a bearish sign. <\/span>The Death Cross contributed to the price drop as it caused traders and investors to sell their holdings or take short positions.\u00a0<\/span><\/p>\n The SMA indicator suggests that both the long-term and short-term trend is bearish. But, the price might reverse if the bulls hold their long positions. <\/span>The Relative Strength Index<\/span> (RSI), with a reading of 40.20, suggests that the asset is not in the overbought or oversold regions but in a neutral range.\u00a0<\/span><\/p>\n This indicates that there’s no significant buying or selling pressure and UNI might experience some level of consolidation or a positive price change.<\/span><\/p>\n The <\/span>MACD indicator<\/span> suggests a bearish trend, with the MACD currently below the signal line. The histogram also confirms the bearish momentum as it is trading below zero.<\/span><\/p>\n UNI is trading at $5.14 at the time of writing. The bears are trying to break through the first support level of $4.746, a level several times.<\/span><\/p>\n However, if the bulls build strong momentum and break above the significant resistance level of $5.731, it might trigger a bullish trend. The next support and resistance level will be $3.358 and $7.651. <\/span>Uniswap’s price can also lose most of its gains if the bears break the support levels successfully.\u00a0<\/span><\/p>\n <\/p>\n Featured image from Pixabay and chart from Tradingview<\/p>\nSigns of Bullish Sentiment As UNI Surges<\/h2>\n
UNI Technical Analysis<\/h2>\n