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Uniswap price analysis: UNI/USD pair set to break below $5 soon

Uniswap price analysis
TL;DR Breakdown
  • Uniswap price analysis is bearish today.
  • The strongest resistance is present at $9.
  • UNI/USD support is found at $5.

Uniswap price analysis experienced a strong selloff overnight as the market corrected sharply lower. The prices managed to find some bids around $6 but failed to move any further up as the market turned bearish again.

UNI/USD 4-hours chart Uniswap price analysis shows that the prices have correct lower by over 10% and are currently trading just below the $7 mark. The bears seem to be in full control of the market right now as they push the prices lower. The immediate support is present at $6.5, below which the prices may resume their downtrend towards $5.5 levels. On the upside, the strongest resistance is present at $9, above which a rally towards $11 levels is possible in the near term.

Uniswap price movement in the last 24 hours: Negative market trends

The daily Uniswap price analysis shows that the market has corrected sharply lower after yesterday’s strong rally as it failed to sustain above $9 levels. The prices are currently trading around $6.8, and a further decline towards $5 is possible in the near term.

image 119
Source: Tradingview

The daily Uniswap price analysis chart shows that the red bars have outnumbered the green bars, which indicates that the market is bearish today. The MACD indicator is also in the bearish zone, which further affirms the negative trend in the market.

The immediate support is present at $6, and a break below this level may resume the downtrend towards $5 levels. On the upside, a move above $8 levels is needed for the bulls to take control of the market.

Flow Index (MFI) is currently at 23.78, which is in the oversold zone. This indicates that the market is oversold, and soon, a relief rally may be seen.
The RSI indicator is currently at 33 levels, also in the oversold region. This further affirms that the market is bearish right now, and a move to the upside is needed for the bulls to retake control of the market.

UNI/USD 4-hour chart: Recent price developments

Uniswap price analysis 4-hour chart clearly shows that the bears have taken charge UNI/USD as the prices correct sharply lower. However, there is some slight bullish momentum developing.

image 120
Source:Tradingview

The MACD indicator is also in the bearish zone; however, it is slowly moving towards the centerline, which indicates that the momentum is shifting in favor of the bulls. A move above $8 levels is needed for the bulls to take control of the market. On the downside, a break below $6 levels may resume the downtrend towards $5 levels.

Uniswap price analysis: Conclusion

In conclusion, Uniswap price analysis shows that the market is in a downtrend, and any rallies towards $8 should be shorted with a stop loss of just above $9. The prices may resume their downtrend if they break below $5 levels.

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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