Uniswap (UNI) Price Traded Within the Range of $5.2 to $5.3 for the Last Several Trading Sessions

Despite the lackluster price of the token, some indications from the market are showing that there are changes soon to be expected.

output: The price of Uniswap token (UNI) traded within the range of $5.2 to $5.3 for the last several trading sessions.

Despite the token’s lackluster price action, some indications from the market are showing that there are changes to be expected.

After falling below $5 on April 7, the price of UNI stabilized at around $5.1, staying within this range.

Whenever the price of an asset stays within a small range for a long time, it tends to lead to a strong move in the opposite direction. In addition to this, the current chart of Uniswap is implying that a price increase should be expected.

Technicals Point to a Bull Market Shift for Uniswap

As can be seen on TradingView, MACD on the chart of UNI has turned bullish. The blue MACD line moved above the orange signal line. This signals the start of an upward trend, but it’s still in its early stages.

If buyers can keep this momentum going, then the price of the coin might get pushed up to its next resistance at $5.75 to $5.80. This price range is important because the coin failed to break through it in the past two months.

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Also, the Relative Strength Index of 41.70 is still far from the overbought levels, and it hasn’t reached bullish territory yet. This shows that UNI has more room to move up if more buyers decide to join the market.

In addition to this, the trading volume has been relatively low. But the coin could see a rapid upward move if the volume increases significantly after the price trades above the $5.30 resistance.

Uniswap is one of the top DeFi platforms in terms of trading volume, so the price movements of its native token often reflect the broader trends in the market.

As the technical indicators are now showing signs of an uptrend, it suggests that UNI may be poised for a period of renewed strength in the short term. However, traders will need to wait for further confirmation before making any rash moves.

News data source: kdj.com

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