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Uniswap price analysis: UNI/USD may test the $5.8 support in the next few hours

Uniswap price analysis Downtrend drags price level down to low

TL;DR Breakdown

  • Uniswap price analysis remained bearish today
  • It found support at $5.8 but it has not been tested yet
  • All indicators suggest that the bulls are currently exhausted
  • Uniswap will move further towards the downside in the next few hours

Uniswap price analysis remained rather bearish for the most part today as its price touched a low of $5.8 while the day’s high was at $6.4. It is clear that Uniswap is forming a red candle today and is about to close around the $5.9 mark.

coin360 3
Cryptocurrency heat map by Coin360

The entire crypto market had a similar sentiment today. Ethereum marked a decrease of over 2 percent while Bitcoin decreased by nearly 1 percent. So, Uniswap alone is not to blame as the entire market is somewhat bearish today.

Uniswap 1 day
Uniswap Price Chart by TradingView

Let us take a look at the 1-day Uniswap price analysis for a closer look. The RSI levels on the 1-day Uniswap price analysis are around 44.12. This means that the market is quite balanced right now and is not leaning towards either the overbought or oversold side.

On the other hand, the MACD is suggesting some improvement, as the strength of the red histograms is slowly decreasing. However, there is no presence of strong indicator that suggests the bearish momentum is over. The market continues to be bearish and might stay the same the following day.

4-hour Uniswap price analysis: The MACD lines just had a crossover

1 hour
Uniswap Price Chart by TradingView

As the 4-hour Uniswap price analysis shows, the MACD lines just went through a crossover a few intervals ago. This shifted the momentum towards a positive direction after the price consistently fell from a high of $6.38 to the closing price of $5.8 where it found some support. However, this support has not been tested yet and is very likely to be broken soon.

As for the RSI indicator, everything seems balanced. So, a significant push in either direction is not expected as the market is still very balanced. Based on this, now is not the most ideal time to buy Uniswap because of the sheer uncertainty in the market. Furthermore, the indicators are majorly leaning towards the bearish side and suggest that Uniswap price analysis can further fall in the coming few hours.

Uniswap price analysis: Conclusion

Right now, the Uniswap market is full of uncertainty. There are no serious positive indications, and the bulls seem to have been exhausted for now. Short-term traders would want to avoid buying at this point and holding their trades. Long-term trades can bet on Uniswap’s functionality if they believe in its returns during the future bull market. For now, investing in Uniswap for short-term gains would not be a good idea.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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