Uniswaps UNI Token Picks Up Steam Should You Buy Before It Takes Off?
- UNI stays in a narrow band ($5.20$5.30) with hints of a possible upward break.
- The MACD has shifted to positive, and the RSI shows potential for upward movement.
- A jump above $5.30 with high trading volume could push UNI towards the $5.75$5.80 resistance area.
Uniswap token (UNI) traded within the range of $5.2 to $5.3 for the last several trading sessions. Despite the lackluster price of the token, some indications from the market are showing that there are changes soon to be expected.
UNI price fell below $5 on April 7 and then stabilized at around $5.1, staying within this range ever since. Once the price of an asset stays within a small range, it tends to lead to a strong move upwards. In addition to this, the current Uniswap chart implies that a price rise should be expected soon.
Technicals Point to a Bull Market Shift for Uniswap
TradingView data shows UNIs MACD has turned bullish. The blue MACD line has moved above the orange signal line. This hints at the start of an upward trend, though its still in its early days.
If buyers keep this momentum up, the coins price might climb to its next resistance at $5.75 to $5.80. This range matters because the coin hasnt broken through it in the past two months.
Uniswaps 24-hour chart. Source: TradingView
Also, the RSI of 41.70 isnt near overbought levels but hasnt hit bullish territory yet. So, UNIs price has room to grow if more buyers jump in.
In addition, trading volume has been low. But the coin could see a strong upward move if volume spikes after it trades above $5.30.
Since Uniswap is a top DeFi platform (by trading volume), the price of its native token mirrors what happens in decentralized exchanges. Technical indicators are showing an uptrend, suggesting UNI may see a short-term rally.
However, traders have to wait for confirmation before they can make a buy call on this trade.
Read more: https://www.tronweekly.com/uniswaps-uni-token-picks-up-steam/
Text source: TronWeekly
