Uniswap price analysis: UNI faces a bearish pullback after hitting $5.85resistance

Uniswap price analysis

TL;DR Breakdown

  • Price dropped as low as $5.57 over the past 24 hours
  • Uniswap price analysis predicts a bearish trend
  • Cryptocurrency is supported at $5.55

Uniswap price analysis for today shows that the crypto is currently trading at $5.57. The market has seen some slight volatility over the past few hours; however, the overall trend seems to be bearish. The price levels have moved down to meet the $5.55 level, which is acting as strong support for the market, while resistance is present at the $5.85 level.

The bears are inclined toward taking the price further below the current price value to keep maintaining their bearish slide that has been continuing for the past few hours. The Coin has decreased by 3.65% over the past 24 hours, the trading volume for the coin is $5.56 billion, and the market capitalization is $4.23 billion.

UNI/USD 1-day price chart: Bearish trend aggravates as price experiences downfall to $5.57

The 1-day price chart showing Uniswap price analysis is going in favor of the bears once again, as they have regained their momentum after a negligible bullish run. The price dropped to $5.57 after the bears took control of the market again. The market opened today at the $5.84 level, and since then, it has been in a downtrend as the bulls have not been able to take charge of the market momentum.

image 345
UNI/USD 1-day price chart Source: TradingView

The exponential moving averages are all stacked in a bearish manner as the price is trading below them. The 20-day EMA ($60.53) is closest to the candlesticks, followed by the 50-day EMA ($59.77) is further away from the current price, indicating that the path of least resistance is to the downside. The MACD indicator is currently in the bearish zone as the signal line is above the candlesticks, indicating that the bears are in control of the market momentum. The RSI indicator is currently at52.85, which indicates that the market has no oversold or overbought conditions at this time.

Uniswap price analysis 4-hour price chart: Cryptocurrency sustains damage as price suppresses up to $5.57

The 4-hour Uniswap price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $5.57 after overcoming the advancements coming from the bullish side. As bulls also showed good performance during the day but eventually, bears outperformed them.

image 346
UNI/USD 4-hour price chart Source: TradingView

The Relative Strength Index (RSI) index has also followed a sharp dip, as it has reached down near the undersold mark and is trading at an index value of 60.51. The MACD indicator on the 4-hour timeframe is also in the bearish zone, as the signal line is at a position above the candlesticks, indicating a bearish market for UNI. Both EMA’s are sloping downwards in the bearish zone, which is an indication that the path of least resistance is to the downside and more bearish pressure is likely to be seen in the market.

Uniswap price analysis conclusion

The price experienced a drop today, as has been confirmed by the one-day and four-hour Uniswap price analysis. Although the market is currently in a bearish trend, it is possible for the bulls to take back control and push prices higher. However, this is unlikely to happen in the near term as the market indicators all suggest further downside potential.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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