Uniswap price analysis shows that the UNI/USD pair is currently in a bearish trend as it trades below the $8.41 resistance level. If prices continue to fall, support is likely to be found at the $7.87 level. On the other hand, if prices rise, resistance is likely to be found at the $8.41 level. The UNI/USD pair is currently trading at $8.06 and is down by 14.31 percent on the day. The market capitalization for the token stands at $5.9 billion, and it has a 24-hour trading volume of $152 million.
UNI/USD 1-day price chart: Price on the downtrend again as bears intervene
The 1-day Uniswap price analysis shows that the bears have made a comeback after encountering the recent bullish move. The bulls tried to uplift the price yesterday, but bears have successfully been able to tackle their momentum and have once again secured their winning position. This price has undergone a decrease and is now present at the $8.06 level.
The volatility is high during the day as the Bollinger bands are expanded onto a larger area. This has led to the upper Bollinger band reaching a level of $8.55, while the lower Bollinger band is present at $7.57.The Relative Strength Index (RSI) is presently at 48.40, which shows that the market is neither oversold nor overbought as it stays close to the 50-level. The MACD indicator is also facing a bearish crossover as the signal line (blue) crosses over the MACD line (red).
Uniswap price analysis: Recent developments and further technical indications
The bears are maintaining their lead quite impressively, as the price has undergone a decrease today as well. The price is now trading at the $8.06 level and is expected to go down from here soon. The short-term trending line is also moving downwards, which indicates a major bearish sign.
The 4-hour MACD is indicating a bearish crossover, which is a sign that the price may fall even further in the near term. The RSI indicator on the 4-hour timeframe is also heading towards the oversold zone as it presently stands at 46.96. If it breaks below this level, it will be an indication that the bears are still in control of the market. The Upper Bollinger band and the lower Bollinger band are moving towards each other, which may indicate a forthcoming price squeeze.
Uniswap price analysis conclusion
Uniswap price analysis shows that the UNI/USD pair is in a bearish trend as prices decline below the $8.06 level. Prices have recently found support at the $7.87 level as buyers step in to defend this key level. The market is highly volatile as prices fluctuate in a wide range. The bulls are seen to be stumbling to defend the $8.41 level as selling pressure intensifies. The bears are seen to be in control of the market as they aim to push prices lower.
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