Uniswap value evaluation: April eighth

Disclaimer: The results of the following analysis are the sole opinion of the author and should not be construed as investment advice

Uniswap saw prices rise in the last quarter. While the valuation of the coin has risen by over 850 percent in the past two months, the price movement has been mostly sideways. This is especially true for the month of March. Given the market sentiment in press time, UNI could continue the same trend.

At press time, UNI was trading at $ 29.8 billion and had a market cap of $ 15.4 billion. However, UNI noted a slight correction of 2.1 percent over the past 24 hours, with the altcoin seeing a trading volume of over $ 665 million.

UNI 1-day chart

Source: UNI / USD, TradingView

The price of Uniswap was down sharply last week and the trend should continue into the week ahead. The resistance level at $ 35.3 and the support at $ 25.7 have been visited multiple times in the past few weeks. If there is a large price correction, UNI could even be as low as the $ 21 price range.

With the strong consolidation currently taking place in the UNI market, it is difficult to determine whether a long or short position is best in such market conditions.

Reason

The technical indicators for the coin painted a polarizing picture. Under normal circumstances, this should lead to range-bound price movements in the medium term. The MACD indicator looked bearish at the time of writing after making a bearish transition with the signal line above the MACD line.

The RSI also underlined some divergence. The indicator appeared to be approaching the overbought zone.

Conclusion

UNI’s price was largely ranked and traded within the framework of his immediate support and opposition. In the coming week, UNI did not appear to be breaking out of its consolidation phase as it did not have sufficient upward momentum.

Exceeding the $ 35 resistance level can be quite difficult for UNI. However, if there is a price correction, the $ 25 price range can help stabilize the price.

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