The technical chart of UNI/USD indicates the overall trend for UNI tokens is sideways. Currently, the price is hovering at the $14 bottom support, trying to obtain sufficient support for a new rally.
UNI/USD Daily Time Frame Chart
Source- UNI/USD chart by Tradingview
Past Performance or Trend-
Ever since the crypto bloodbath on May 21 dropped the UNI token price to the $14 mark, the token price could never exceed the $32 mark. Thus, the price resonated within these two levels for more than five months, indicating a sideways trend in this token.
Bullish RSI divergence hints upside breakout of the Triangle pattern.
After rejecting the $27.5 resistance, the UNI token initiated another short-term fall, which plunged the price to the bottom support zone around the 14.5 mark. The token is currently retesting this support level to check for sufficient demand pressure.
Though the price has never before provided a candle closing below the $14.5 mark in a correction phase, the price should offer a proper follow-up to consider this as a breakdown. The current price of the toke is $14.4, with an intraday gain of 1.62%.
Technical indicators-
The UNI token indicates a bearish alignment among the crucial EMAs(20, 50, 100, and 200), where the 100 and 200 EMA have recently given a bearish crossover.
The daily Relative Strength Index(33) has started displaying some positive turn in this chart, inducing the bulls are growing in strength.
According to traditional pivot levels of the 4-hr chart, the token traders can expect the nearest resistance for the UNI price at $16.6, followed by $18.2. As for the opposite end, the support levels are $12.7 and $10.56.
The post UNI Price Prediction: Hidden RSI divergence Hints An Upward Rally For UNISWAP (UNI) appeared first on CoinGape.
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