Uniswap price analysis: UNI/USD prices slip below $6.21 as market conditions turn bearish

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis is bearish today
  • Resistance for UNI/USD is present at $6.24
  • Support for Uniswap is present at $6.07

Uniswap price analysis reveals that UNI/USD is bearish today. The price has dropped by over 0.21 percent in the last 24 hours and is currently trading at $6.21. This latest leg down appears to have been caused by a general market sell-off, as most major cryptocurrencies are now in the red. Resistance for UNI/USD is present at $6.24, while the support is present at $6.07, and a further drop below this level could see UNI/USD head toward the $6.00 support level in the near term.

The 24-hour trading volume for UNI/USD has declined sharply over the last 24 hours, which suggests that selling pressure is beginning to ease as it is currently sitting at just over $73 million. The market capitalization for UNI is now just over $4.75 billion, which puts it in 17th place in the crypto rankings.

UNI/USD 4-hour price analysis: Bearish trend continues

Uniswap price analysis shows that the bearish trend is still very much intact as the price has failed to make any significant headway over the last few hours. The 4-hour chart shows that UNI/USD has formed a bearish flag pattern, which is typically seen as a continuation signal. The price is currently trading just below the flag resistance at $6.24 which is a bearish sign.

image 107
UNI/USD 4-hour price chart, Source: TradingView

The RSI indicator is currently showing signs of bearish divergence as it has failed to make any higher highs while the price has made higher highs. This suggests that the current rally may be running out of steam and that a move to the downside could be on the cards in the near term. The MACD indicator is currently in bearish territory, however, it is beginning to flatten out which suggests that momentum may be starting to turn in favor of the bulls. The UNI/USD is trading below the moving average indicator, which is a bearish sign.

Uniswap price analysis for 1 day: UNI/USD suffers devaluation at $6.21

Uniswap price analysis is bearish today with UNI/USD losing tremendous value at $6.21. The last 24 hours have been tough for UNI as the price has dropped below the $6.24 mark. The bulls tried to uplift the price yesterday, but bears have successfully been able to tackle their momentum and have once again secured their winning position.

image 108
UNI/USD 24-hour price chart, Source: TradingView

The moving average (MA) on a 1-day chart is higher than the current trading price, which indicates that the market is currently in a bearish mood. Also, the candlesticks are closing below the MA, which further validates the bearishness in the market. The MACD shows a bearish crossover, which supports the selling pressure in UNI while the RSI is at 48.44 and is moving towards the oversold region, which indicates that the selling pressure could continue in the market.

Uniswap price analysis conclusion

Uniswap price analysis reveals that UNI/USD is bearish today as the price has dropped sharply to $6.24. The market looks set to continue its downward trend in the near term as selling pressure appears to be easing. However, if the bulls can muster some strength, a move back above $6.07 looks possible.

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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