- The Uniswap price analysis indicates a bearish trend
- UNI/USD pair is currently trading at $11.28
- The support for Uniswap prices is present at $11.00
The Uniswap price analysis shows that Uniswap prices have been on a bit of a roller coaster ride over the past few days. After breaking out of the descending triangle pattern, UNI/USD prices soared to highs near $14. However, the selling pressure was too much for the bulls and prices quickly pulled back to the $11.0 support level.
At the time of writing, UNI/USD prices are trading at $11.28 and are down by 0.61% on the day. The digital asset has a market capitalization of $2.14 billion and is currently ranking at position 24 while dominating 0.36 percent overall. The UNI/USD market is facing some resistance near the $11.5 level, and a break above this level is needed for prices to continue higher. However, if the selling pressure resumes and prices break below the $11.0 support level, UNI/USD could quickly retest the $10.50 level.
Uniswap price movement in the last 24 hours: Bears seem to be exhausted as prices remain resilient
The Uniswap price movement over the past 24 hours has been mostly bearish as prices have retraced some of the recent gains. UNI/USD opened the day at $11.55 and hit highs near $12 before the bears took control and pushed prices lower. The technical indicators reveal that the path of least resistance is to the downside, and a break below $11 could see prices retesting the $10.5 support level. The moving averages(MA) are however headed upwards, showing a possible bullish crossover.
However, it seems that the bears are running out of steam as UNI/USD prices have been holding above the $11.0 support level over the past few hours. The RSI indicator is currently trading near the 40 level, which indicates that the selling pressure is starting to ease. If prices can hold above $11.0, there’s a good chance we could see UNI/USD prices make another attempt at breaking out of the $11.5 resistance level. There seem to be signs of a bullish crossover as the MACD indicator is on the verge of crossing above the signal line. The RSI line is residing upwards as the selling pressure is declining as bulls are preparing to take control of the prices.
Uniswap price analysis on a 4-hour price chart: UNI/USD looks to breach the $11.5 resistance level
Uniswap price analysis on the 4-hour chart reveals that UNI/USD pair has been consolidating in a narrow range between $11.0 and $11.5 over the past few days. The digital asset is currently trading just below the $11.5 resistance level, which is an important level to watch. A break above this level could see UNI/USD prices resume the uptrend with a move towards the $12.0 level.
The MA’s are all pointing to the downside, which suggests that the path of least resistance is to the downside. However, the RSI indicator is currently trading near the 50 level, which suggests that the sell-off is losing momentum. The MACD indicator is currently trading in bearish territory but is on the verge of a bullish crossover. The Uniswap market volatility is increasing as the Bollinger bands are widening and also the upper band is approaching the $11.5 level which is giving a bullish signal which is expected soon.
Uniswap price analysis conclusion
The Uniswap price analysis shows that UNI/USD prices are holding above the $11.0 support level and a break above the $11.5 resistance level could see prices resume the uptrend. However, if the selling pressure persists and UNI/USD falls below $11.0, a price drop is possible. The bulls are now focused on recovering the market as the price change over the last few hours has been minimal.
The market is still in a consolidation phase as the price is struggling to break out of the $11.5 resistance level. A breakout above this level could see prices resume the uptrend with a move towards the $12.0 level.
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