Uniswap price analysis recently shows a prevailing downtrend as the prices look to break below the $8.0 support level. The digital asset is presently changing hands at $8.22 after losing 5.47 percent of its value over the last 24-hours. Uniswap’s market cap has also declined and it is now placed at 37th position with a $1.74 billion valuation. Uniswap price movement in the last few days has seen a massive sell-off in the prices as it depreciated marginally below $8.0 towards its present level of $8.22.
Uniswap is currently facing some bearish pressure in the market, and this has caused the prices to decline significantly over the last few days. The digital asset is presently trading at a level last seen in early February and it is down by over 27 percent from its all-time high value of $11.28. The trading volume has also fallen by 4.4 percent which currently sits at $164,061,484.50 while the digital asset ranks position 26 overall. UNI/USD could be on track for a drop to a three-month low of $7.50 if the price continues to fall, according to technical indicators.
Uniswap price action on a 1-day price chart: Bears heighten control as prices seek to break below $7.50
The Uniswap price analysis on a 1-day chart shows that the RSI has been slowly falling in the past few days indicating an increased bearish sentiment in the market. The MACD line is also trending flat and is yet to show any bullish crossover. The price bars are presently below the EMA lines which further indicates a bearish market trend. If prices continue to decline, we might see a drop to $7.50 where the digital asset could seek support from the three-month low level.
The Uniswap price analysis on a 1-day price chart shows that the bearish sentiment seems to be getting stronger in the market. The prices are gradually seeking support at the $7.5 level, and if it breaks below this mark, we might see a further decline in prices towards three-month lows of $7.50. To initiate a bullish trend, there will need to be strong buy pressure on this digital asset which will propel prices back above $8.5 in the near term.
Uniswap price action on a 4-hour price chart: UNI prices seek support at $7.6 as the downtrend persists
The Uniswap price analysis on a 4-hour chart shows that the RSI indicator has been declining over the last few days and is currently placed at 46.05. The MACD line has also seen a bearish crossover which further affirms the downtrend in the market. The price bars are also trading below the EMA lines which is, once again, a bearish indicator. If prices continue to decline, we could see a break below $7.6 where the digital asset could seek support from near three-month lows of $7.5 and create a bottom formation in the market.
The Uniswap price analysis on a 4-hour chart shows that the prices are slowly looking for support near the $7.6 level where it could create a bottom formation from which it could bounce back to above $8.5 in the short term. To initiate bullish sentiment, there will need to be strong buy pressure which could push prices above $8.5 and towards three-month highs of $9 in the near term. The market volatility for UNI/USD is neutral as the Bollinger bands are beginning to compress which suggests that prices could be in for a major breakout soon.
Uniswap price analysis conclusion
Today Uniswap price analysis indicates the bears are on the prowl as prices look to break below $7.50. The digital asset is evidently in a downtrend and any bullish momentum will need strong buy pressure which could propel prices back above $8.5 in the near term. To initiate bullish sentiment, there will need to be strong buy pressure which could push prices back above $8.5 in the near term as prices seek support from three-month lows of $7.5 in the long run.
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