Uniswap Price Analysis: UNI/USD is bearish for the next 24 hours

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis is bearish today
  • Uniswap price is currently at $21.5.
  • Support at $23.202 is overcrossed.

The bears are in the driver’s seat, with a slide of roughly $9 over the past 24 hours. The bearish pressure has been building for several weeks, and today a declining trend is also being observed. The price has plummeted significantly, and the cryptocurrency value is now $22 per bitcoin. The bears have pushed the price below the support level of $23.202.

The Bollinger bands are tightening more and more, especially during the recent slide. This means that the cryptocurrency will probably continue to lose value for a few more days before it stabilizes at a new price level. It is currently unclear where this stabilization will begin, but many traders speculate that it could be around $20 per coin.

Over the course of 24 hours, Uniswap suffered a significant slide from $23.29 to $21.57. At the time of writing, the price was roughly $21.5 per one unit. This implies a significant drop in value over a short period of time, which shows that Uniswap is currently being traded in a bearish market.

The hourly chart shows that Uniswap has been following an ascending trend line for the past week and a half, but today this trend line faced resistance and could not break through it. The resistance level currently lies around $22 per coin, so breaking over this barrier would be bullish from a technical perspective.

The RSI oscillator has reached levels below 30, meaning that bears have an advantage right now. In addition, the bear market continues to dominate, with the MACD oscillator also signaling downward price pressure. The recent sharp decline in value has only made the bearish trend more visible on the charts, which may continue for a few more days before reaching some form of stability.

UNI/USD price movement in the last 24 hours: Bearish slide degrades coin value to $22.00

The Uniswap one-day price analysis reveals a substantial downturn for the day, as the bears have reclaimed control of the market. For the previous few weeks, the bears have been in command of the price charts, and today’s drop in price is a consequence. During the day, the value dropped significantly and has now dipped below $22. The moving average (MA) value is presently at $24.79, which is relatively higher than usual.

The SMA 50 is rising above the SMA 20, another sign that a bearish trend may be on its way out. The upper Bollinger band value has increased to $27.21 due to the more volatile market environment, while the lower Bollinger band value has decreased to $23.20. The Relative Strength Index (RSI) score is currently close to the underbought threshold at 33.07 and travels in an underbought direction.

Uniswap price analysis: Price takes an upturn to $22, raising chances of recovery

Uniswap’s four-hour price analysis is looking good today, with the price rising in an upward trend. Despite the bearish trend being at its strongest during the previous hours, there was a rise in price over the last four hours. As a result, the bulls’ chances of recovery are improving, as the price has returned to its former height of $22.00. The one-day price chart’s moving average value is currently at $23.36.

Uniswap Price Analysis: UNI/USD is bearish for the next 24 hours 1
UNI/USD 4-hours price chart. Source: TradingView

The rising volatility is a concern since the following declines may be expected in the coming hours. The Bollinger Bands Indicator has shifted values due to this, with the upper value now being $26.01 and the lower value is $22.00. The RSI score has fallen below the underbought threshold and dropped to 26.01, indicating oversold.

Uniswap Price Analysis: Conclusion

The UNI/USD is under significant pressure from the bears at this moment in time, which is evident on all charts. In addition to this, uncertainty looms over the cryptocurrency market due to a lack of regulatory clarity and potential changes of positions by regulators. A clear path for Uniswap going forward is impossible to predict right now.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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