Uniswap (UNI) Price Prediction: UNI Stays Stagnant Below the $8.00 Mark
Estimated Reading Time: 3 minutes
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Uniwsap (UNI) Price Prediction: May 16
The Uniswap market has continued to consolidate between the $7.00 and $8.00 marks. Also, trading indicators aren’t inspiring much bullish hope as the market remains depressed, lacking a significant push.
UNI/USDT Long-term Trend: Bearish (Daily Chart)
Key Levels
Resistance Levels: $8.00, $10.00, and $12.00
Support Levels: $6.00, $4.00, and $2.00
Looking at the Uniswap daily price chart, it could be seen that the market only saw what seemed like the biggest move in a session in recent times yesterday. This brought price activity in this market above the Guppy Multiple Moving Average (GMMA) lines. However, the market has produced minimal losses on the ongoing session. Yet, the coin continues to trade above the green GMMA indicator lines. In the same vein, the Moving Average Convergence Divergence (MACD) indicator lines have continued trending upward above the equilibrium level. Meanwhile, the bar of this indicator corresponding to the ongoing session maintains a solid green appearance.
Uniswap Price Prediction: What Can Be Expected in This Market as Technical Indicators Stay Positive?
In considering the prevalent trend from the previous session, it appears that technical indicators are dwelling too much on previous gains. Consequently, the printed losses in the ongoing session seem overwhelmed by previous gains. This could be seen as the market remains above the GMMA lines on the daily chart.
Also, the movement of the MACD hints that the momentum in this market may get stronger. Consequently, the seen downward correction may be just a minor pullback. As a result, traders may want to maintain the opinion that the market may keep moving towards the $8.00 mark at least.
UNI/USDT Medium-term Trend: Uniswap Downward Correction Threatens to Grow Stronger (4H Chart)
Price action in the Uniswap 4-hour market can be seen appearing mostly above the GMMA indicator lines. However, as the trading activity progresses, it could be seen that subsequent sessions are beginning to fall below more of the GMMA indicator lines. Nevertheless, the MACD curves are still trending upward after recently crossing above the equilibrium level.
Meanwhile, the last two bars on the MACD indicator now appear pale green, pointing to the fact that upside momentum is getting weaker. Going by the available indications on the 4-hour market, one can speculate that upside forces are still in action. However, the MACD has pointed out that the momentum is getting weaker. Therefore, bullish anticipations towards the $8.00 mark should be considered with caution.
