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Uniswap price analysis: UNI consolidates around $5.70 as bears fail to push below support

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis shows a bearish today
  • Support for UNI/USD is currently at $5.42
  • Resistance for Uniswap price is currently at $7.07

Uniswap price analysis indicates the digital asset is currently consolidating at around $5.43. The cryptocurrency market has seen a lot of volatility in the past few days, with prices swinging up and down erratically. However, one digital asset that has been relatively stable throughout this period is Uniswap (UNI). UNI prices have been trading in a tight range between $5.40 and $7.07 for the past few days.

The digital asset has found some support at $5.42, However, the bears have not been able to push prices below this level, indicating that there is still some buying interest in the market. On the upside, resistance for UNI prices is present at $7.07, A break above this level could see prices move higher to test the next resistance level at $8.50.

Uniswap price action on a daily chart: Bears adamant in pushing prices beyond $7.07

Uniswap price analysis shows that the prices have been in a continuous downtrend for the last few hours before the bulls came in to push prices up. The digital asset is currently trading below the $7.07 resistance level, which is a key level to watch. Volatility remains low in the market with no significant signs of an uptrend and the trading volume for the digital asset remains low. The market is expected to remain bearish in the short term as the bears are adamant about pushing prices to test the $5.42 support level.

image 140
UNI/USD 1-day price chart, source: TradingView

The RSI indicator is currently trading at 57.36, which indicates that the market is in neutral territory. The MACD indicator shows that the prices are currently in a bearish zone as the signal line is above the histogram. The 50-day SMA line is currently at $6.45, and the 200-day SMA line is at $6.39, which indicates that the path of least resistance is to the downside.

Uniswap price analysis on a 4-hour price chart: UNI prices consolidate around $5.70

Uniswap price analysis on the chart below shows that the token broke out from an ascending channel on the 4-hour price chart, indicating a possible bearish reversal. The digital asset is currently trading at $5.43 on the 4-hour chart and the $5.40 support level is a crucial level to watch in the near term.

image 139
UNI/USD 4-hour price chart, source: TradingView

The MACD indicator shows that the MACD line is trying to break above the signal line and is very close to it. If the buying pressure increases, we might see a bullish divergence on the MACD indicator followed by high prices. The RSI indicator depicts that the prices will continue to fall for today as the gradient of the line is negative, hinting at an increased selling pressure for the token. The 50-SMA line is currently at $7.06, and the 200-SMA line is at $6.59, indicating a bearish trend for the near term.

Uniswap price analysis conclusion

Overall, The Uniswap price analysis can be concluded on a bearish note for the day,  with the digital asset currently trading below the crucial $7.07 resistance level. A move above the $7.07 resistance level could see prices move higher in the near term. However, the market is expected to remain bearish in the short term as the bears are adamant about pushing prices beyond the $7.00 level.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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