Uniswap Price Forecast: Defi Token UNI Winning Streak Continues
- Uniswap price rallies by 10% to trade above $22.
- A daily close above the 100 SMA may trigger more buy orders for gains toward $30.
Uniswap price is once again at the helm of the bullish price action in the cryptocurrency market. CoinGecko confirms that the decentralized finance (Defi) token has soared by 10% over the last 24 hours to trade slightly above $22.
In the meantime, Uniswap’s immediate upside is limited under the 100 Simple Moving Average in the 12-hour timeframe. Bulls are aware that a break above this level could trigger massive buy orders as investors return to the market, speculating an upswing toward $30.
Uniswap price technical levels improve
The Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook as it crosses the mean line (0.00) into the positive region. Besides, a buy signal had appeared late last week when the 12-day exponential moving average (EMA) crossed above the 26-day EMA. Although the MACD is rarely used to identify oversold and overbought levels, it is useful when tracking the trend of an asset.
UNI/USD 12-hour chart
According to the four-hour chart, bulls are entirely in control of Uniswap’s overall trend. Their aggressiveness is highlighted by the Relative Strength Index (RSI) movement from the midline to the overbought area.
In addition to the firm bullish grip, a golden cross pattern has recently appeared in the exact time frame. This pattern is a massive bullish indicator that shows that the uptrend will remain intact in the coming sessions. As the 50 SMA crossed above the 100 SMA, a buy signal came into play.
UNI/USD four-hour chart
It is essential to keep in mind that for the uptrend to continue, Uniswap must make a four-hour to a daily close above $22. However, the 200 SMA must also hold as support in case of a reversal. Here, bulls will continue gazing toward $30.
Looking at the other side of the fence
The bullish outlook will be invalidated if the short-term resistance at the 100 SMA on the 12-hour chart remains unshaken. On the downside, closing the day under $20 or the 50 SMA may confirm a correction back the most recent critical support at $15.