Uniswap (UNI) Price Prediction: UNI Breaks a Medium-Term Resistance at the $9.00 Mark
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
The Uniswap market has dwelled below the $9.00 mark for a while now. However, there was a favorable change of events when price action broke through the ceiling at the mentioned price mark to now trade above it.
Uniswap (UNI) Price Prediction: May 23
UNI/USDT Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $10.00, $15.00, and $20.00
Support Levels: $8.00, $6.00, and $4.00
In the Uniswap daily market, price action has received a big boost during the past three sessions. This can be seen as a long-term candle pushed through the technical resistance at the $9.00 mark. Consequently, price activity in this market now dwells above the Guppy Multiple Moving Average (GMMA) lines. However, recently, the market has been juggling back and forth above the $8.92 mark. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines are now merged and trending sideways in the overbought region.
Uniswap Price Prediction: Can Upside Forces Extend the Correction?
The question above is the bone of contention at the moment. As the current session stays bullish and above the GMMA line, the market seems to be eyeing crossing the $10 threshold. The last price candle can be seen contracting towards the upper shadow, showing that upside forces are still propelling the market.
Meanwhile, the movement of the SRSI indicator lines seems a bit undecided via its sideways motion. This effectively communicates that market forces are locking horns. Nevertheless, the position of the current session above the GMMA lines hints that upside forces will likely win the bout. This will eventually usher the market into trading above the $10.00 mark.
UNI/USDT Medium-term Trend: Bulls Are Facing a Challenge They Can Win (4H Chart)
Looking at the Uniswap 4-hour market, one can see that downward forces are putting up a fight in the bulls’ territory. While price action remains mostly above the GMMA indicator lines, we can see that the ongoing session is bearish, as indicated by the appearance of the corresponding price candle. Additionally, the SRSI lines can be seen converging for a trend reversal while still in the oversold region.
Therefore, while the market will still be above most of the GMMA lines, traders can be expected to defend the market at the $9.00 mark, which is a technical support level. A successful defense of this price mark will hint at the successful breakage of the resistance mark at the $10.00 mark.
