As of 23rd January 2021, Uniswap (UNI) was trading at $8.8717, and $11.2658 on 24th January. The price movement of the last two days clearly indicates an uptrend. The uptrend is evident in the week and 1-day candlestick charts above as well.
UNI began trading at a nominal price of $5.1903 on 1st January 2021. The current price of UNI confirms the phenomenal rise of this crypto since the dawn of the new year.
Current Support and Resistance Levels for UNI
In the last 24 hours, UNI reached high and low figures of $12.8983 and $9.8600, but its price had dropped to approximately 23.6% Fibonacci retracement level. Thus, the current support and resistance levels for UNI price are $12.1813 and $13.6153 respectively.
If you look at the above chart carefully, the Awesome Oscillator (AO) is showing bearish momentum, whereas the Accumulation/Distribution (A/D) indicates bullish momentum. The MACD is also showing a bearish trend.
However, it is too early to confirm a pullback. This may just be a minor price correction.
The prime reason for the upswing is the increase in the number of whales holding UNI. Many whales are holding a large number of UNI tokens as well. New addresses created on the UNI networks have risen exponentially since January 22nd. The upswing can be primarily attributed to this network growth.
Expectations for Today and Tomorrow
Currently, UNI is trading at $12.03 – a slight fall from the price of $12.59 a couple of hours back. The price has fallen below the support price calculated earlier but still, it cannot be construed as a major fall. Thus, there is no need to panic. It simply means that currently, there is buying pressure with demand exceeding the supply of UNI.
With no major events on the horizon that can significantly affect the price of UNI, it is safe to conclude that uptick will continue. However, using the high and low figures stated before, if the prices fall below $10.577 (23.6% Fibonacci retrenchment level for downtrend), then a pullback is on the way with a new support level at $9.143.