Uniswap Price Analysis: UNI Uptrend Holds, but $100 Will Have to Wait
- Uniswap price holds in an ascending parallel pattern as bulls nurture the uptrend.
- The profit or loss ratio adds credence to the bullish outlook as it resets above one.
- The transaction history model highlights immense support while showing a clear path past $24.
Uniswap has a bullish outlook as the week’s trading takes off. The decentralized finance token closed the previous week slightly in the green, allowing bulls to gain ground above $20.
Meanwhile, UNI trades at $20.9 while sitting on top of the 50 Simple Moving Average (SMA) on the four-hour chart. If this support holds, Uniswap may gain momentum toward $24.
Uniswap price uptrend will gradually gain momentum
Uniswap holds within the confines of an ascending parallel channel. The channel’s lower edge support keeps bulls protected and massive bearish calls at bay. Sustaining the position above this level ensures that bulls uphold the uptrend.
The Moving Average Convergence Divergence (MACD) indicator sends out a bullish signal as the 12-day exponential moving average (EMA) above the 26-day EMA. In addition to that, the MACD holds above the mean line, adding credence to the bullish outlook. Note that if this technical outlook stays unchanged, buyers will intensify their grip on Uniswap.
UNI/USD four-hour chart
Santiment’s market value realized value (MVRV) has a bullish signal based on a 30-day training average. This on-chain tool follows the number of UNI tokens moved over the last 30 days and compares to the price at which each token last moved.
Uniswap MVRV on-chain model turns green
According to Santiment, a low MVRV ratio is often a bullish signal. It shows that most holders at a loss. Therefore, they are unlikely to sell but prefer to wait for the price to rise. With an MVRV ratio of around 5%, Uniswap is likely to continue with the recovery momentum, at least toward $24.
Looking at the other side of the picture
Despite the short-term bullish outlook, gains back to $50 will take longer to materialize. This follows immense resistance anticipated at $28 and $44, respectively.
Similarly, failure to hold support at $20, and by extension, the ascending parallel channel support could see overhead pressure soaring. Meanwhile, support is expected at the 200 Simple Moving Average (SMA) and the 100 SMA on the 12-hour chart.