Uniswap price analysis indicates a major decline in the price value today. The bears have been continually winning over the price charts, as the bearish trend has been quite dominating for the market. This has resulted in a decrease in coin value up to the $6.43 level, and the momentum is strong enough to reduce it further in the future. Nevertheless, the bears have availed their chance by continuing their momentum for today. The uptrend was in control, as the price value reached a high of $7.23 earlier this week.
Currently, UNI/USD is finding support at the $6.31 level, but it may not hold for long if the bearish momentum continues to dominate the market. The closest resistance is found at $7.23, which could potentially serve as a barrier for the bears if they attempt to push the price value higher.
UNI/USD 1-day price chart: Uniswap price cripples as bears maintain downtrend
The 1-day Uniswap price analysis is indicating a downfall in the price today after the bears have successfully maintained their lead over the price action. The bears have taken the price down to $6.43 value, and it is expected that further decline will be observed as well. The coin has lost almost 10.50 percent value during the last 24 hours, and the coin has a market cap value of $2.31 billion at the time of writing, with a trading volume of $1.44 billion.
The Exponential Moving averages (EMA) of 50 and 200 are also indicating a bearish crossover, which indicates that the price may continue to decline in the near future as well. The Relative Strength Index (RSI) is also currently pointing towards oversold conditions, but it may not be enough to halt the bearish momentum. The MACD indicator also shows a bearish nature, indicating that the bears may maintain their control for some time.
Uniswap price analysis: Recent developments and further technical indications
The 4-hour Uniswap price analysis is going supportive for the bears as well, as seen from the latest price chart. The bears have been in action for the last 4 hours, and the bears might continue to lead the market as well. The market sentiment may not be favorable for UNI at the moment, and it may result in further price drops.
The EMA of 50 is currently at a lower value than the EMA of 200, indicating a bearish crossover. The 50 EMA is currently at the $6.53 level, and the 200 EMA is at $6.70, indicating that the price may potentially drop further in the short term. The RSI on the hourly chart is currently at a value of 39.06, indicating oversold conditions and building bearish pressure on the market. The histogram on MACD is also currently below the baseline, showing bearish momentum in the market.
Uniswap price analysis conclusion
From the 1-day and 4-hour Uniswap price analysis, it can be confirmed that the bearish momentum has returned back as the price has decreased to $6.43. More sellers have entered the market as compared to buyers, which is why the bearish trend has continued.
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