While Ethereum stole the limelight with its new-all time high at $3,000, Uniswap mustered its own ATH at $45 over the past 24-hours. UNI’s trend has been looking healthy and bullish over the past week, and currently, the asset may reach further up in the charts.
At press time, UNI token was ranked 9th in the charts, with a market cap of $23 billion.
Uniswap 4-hour chart
UNI/USDT on Trading View
Analyzing the 4-hour chart of Uniswap, it can be observed that the $39 range was tested thrice over the past three weeks. In that process, UNI’s price movement led to the formation of a double bottom pattern. A bullish breakout was followed right after during the end of April, and the valuation reached $44.
A minor pullback dragged the asset down to $40 again but over the past few days, the asset has surged back up to $45 at press time. SSL indicator suggested a strong buy signal as the higher moving average crossed over the lower moving average. 50-period MA also continued to establish support to the ongoing price hike.
Market Rationals
UNI/USDT on Trading View
Relative Strength Index was currently right under the overbought zone and minor corrections might take place if buying pressure continues. However, as exhibited in the chart above, volumes have maintained higher levels meaning there is activity in the market.
MACD also indicated a bullish trend with MACD line flipping above the signal line. Bullish momentum is finding further strength as well according to Awesome Oscillator, as the green candles are becoming more prominent in the chart.
Conclusion
It could be a major week for UNI as on 5 May, its V3 version is going to launch, which is supposed to improve the user experience on Uniswap exchange. According to the market price structure, the asset may reach as high as $53, with significant levels at $50 and $47.5.
