- Uniswap found rejection at $16.65 while trying to overturn a descending channel
- The market is trading tightly sideways with the choppiness index pointing at 33
- At the time of writing, Uniswap (UNI) is trading at $16.38 against the US dollar
Uniswap Price Analysis: General price overview
Uniswap attempted to overturn a descending triangle but found rejection at $16.65 on today’s chart. Volatility on the market choppiness index is showing lows as the coin trends within a daily range of $16.00 and $16.70. The bulls might have anticipated more volumes into the weekend and subsequently end up pushing the price upwards.
An immediate support lies at $16.90 yet the bears have increased resistance at $16.6, thereby preventing a rally towards $17.00. Overall, Uniswap price analysis across the 24-hour chart is bearish. Positive signals are developing on the 4-hour chart and could have the price form a rising channel towards immediate support.
Worthy news to note around the cryptocurrency industry includes decreasing demand for Bitcoin as indicated by the 90-day inflow across the US and Canada BTC fund. The inflows faced a 93.49 percent decrease from 191,846 Bitcoins to 12,485 Bitcoins. Low BTC demand is associated with a drop in cryptocurrency market prices, and according to CNBC, the said plunge could slide the price of Bitcoin to the $23,000 level.
Uniswap price movement in the last 24 hours
The market is trading tightly sideways with the choppiness index pointing at 33 on the daily Uniswap chart. UNI’s price is almost closing in on the intraday high at $16.70. The down-sloping moving averages have halted, however, the chances of breaking out of the current bear zone are slim.
Nonetheless, the bulls have built minor support at $16.2 and this will prevent the coin from retesting the daily low at $16.07. Meanwhile, the long-term major trendline is bearish and poses alot of danger if the bulls are unable to sustain a break out above the $16.90 immediate support. Failure could result in further losses towards $15.
In such a case, the next support level will be the psychological $10 mark followed by the probability of a relief rally that is most likely to face rejection around $13.
The relative strength index has fallen from overbought into the oversold territory at 27. Note the RSI is slanting downards suggesting the possibility of ending up in a dangerous bearish zone.
Uniswap 4-hour price chart
At the time of writing, Uniswap (UNI) is trading at $16.38 against the US dollar. High seller concentration is holding the price hostage between $16.5 and $16.7. There is a positive recovery signal on the 4-hour chart but low trading volumes and demand for UNI might be delaying the rally.
Uniswap price analysis conclusion
Generally, the UNI/USD trading pair is trading within a bearish zone on the 24-hour chart. Out of the 22 major indicators, only 6 are in favor of the bulls and the rest are aligned in favor of the bears.