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Uniswap price analysis: Bearish swings result in price correcting down to $6.08

Uniswap price analysis

Uniswap price analysis reveals a bearish trend, as a steady decrease in price has been detected today. The most recent analysis shows that the cryptocurrency is covering the range downwards again as the selling pressure has returned in the market. This has caused the price to reach down to the $6.08 level. The next support is present at the $6.02 level, but the price oscillations have been slow over the past few days, which has decreased the volatility as well. The 24-hour trading volume for UNI/USD is currently at $123 million, and the market cap is at $4.46 billion.

USI/USD 1-day price chart: Uniswap to follow a bearish price pattern

The 1-day price chart for Uniswap price analysis is going in a bearish direction for the day, as the price has been lowered. The trends have been shifting continuously during the past few days, which has resulted in the price oscillating near the current price value of $6.08. The coin has lost nearly 3.15 percent value during the last 24 hours and has lost more than 8.95 percent value over the past week; the loss is, however, on the lower side. 

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Source: TradingView

The Bollinger bands show its upper value at $6.43 and the lower value at $6.02, which also represents the strongest support for the cryptocurrency. The Relative Strength Index (RSI) score has also decreased to the index of 52.28 after today’s downtrend; the curve of the RSI indicator shows that the action is heading downwards today due to the selling activity in the market. The moving average (MA) has also been hovering at the $6.32 level below the price.

Uniswap price analysis 4-hour price chart: UNI/USD pair in a bearish trend

The 4-hour Uniswap price analysis shows a deficit in the price levels as the bears have regained their strength. The price has stepped down to $6.08, which is surprising for the buyers, but the coin was under bearish pressure from the start of the day; however, the coin has found support just recently, which has prevented the price levels from falling exceedingly low.

image 201
Source: TradingView

The moving average (MA) value of $6.25 is above the Bollinger band mean average line, which is forming at $6.14, as the bears have taken the price below both the averages, and the Bollinger bands have started to show signs of convergence, with the upper band at the $6.52 mark, and the lower band at the $6.10 mark. The RSI score also decreased at the start of the trading session but has started to recover and has reached to index of 45.99; the curve is now pointing upwards as the buying activity resumes.

Uniswap price analysis conclusion

The 1-day and 4-hours Uniswap price analysis indicates that the bears are controlling the market, and they have decreased the price levels to $6.08. Further decrease in cryptocurrency’s price can also be expected as the support is still further low at $6.02, and the current bullish price action may not last long.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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