Uniswap has been waiting for a bullish momentum for quite some time. Like its counterparts, Uniswap has also seen a decline following the FTX collapse. It was the highest revenue-generating protocol as of November 6.
But the time of writing this article, Uniswap was down by 3.27% in the last 24 hours and holding at $5.34 after almost touching $5.49. Failure to breach this mark, saw the altcoin fall. Analysts expect UNI to be able to negate this momentum if buying pressure takes precedence. The Relative Strength Index remains in the bearish, neutral zone. This suggests that the market is far from being overheated.
If bulls take charge over the next few trading sessions, Uniswap price could become bullish again. And this could prompt it to make a run for $5.49 and head for the critical resistance at $5.70. But Uniswap price needs to find support at this level to mark an upswing toward $6.14 – meaning a rally for UNI. There is noted support present at $5.41. A fall could see UNI touch the support at $5.20.
Volatility is also increasing on the 4-hour chart, with the MA showing increasing bullish momentum in the market as the price is currently at $5.57. Other data and analysis outlined that UNI has been following an uptrend for the last few hours, but then there has also been a slight downtrend.