Recent Uniswap price analysis reveals that the bears have returned to the price chart after finding their way to gain control over the price function. Although the price had been traveling high for the past few days, today’s trend has not been very supportive. The bulls were unable to take the price across the $6.26 hurdle because of the abrupt fall in price.
The cryptocurrency is going through a loss now as the UNI/USD price has been devalued to the $5.92 level today. The digital asset has a market cap of over $50 million and a daily trading volume of about $1.5 million, which is quite high considering the volatility of the crypto market.
Uniswap price analysis: Price experiences sudden fall below $6.26 after bearish repulsion
The four hours Uniswap price analysis is indicating a bearish trend as the price has dropped down at a significant level. The short-term trending line is now descending because of the downward price movement. Although the bulls were maintaining their lead quite efficiently, the last four hours proved unsupportive for the buyers. The price has been lowered to $5.92, just below the moving average value i.e. $6.09.
The volatility has increased in the last few hours, which is not a positive indication for the future. Moving on, the Bollinger bands indicator is showing the following values; the upper band is at the $6.41 position whereas the lower band is at the $5.93 position. The RSI score is now at 52.93, below the overbought range.
UNI/USD 1-day price chart: Uniswap price depreciates to $5.92 after downturn
The one-day Uniswap price analysis shows that the price is headed down once again after encountering defeat. Although an uptrend was at its peak in the previous week, the most recent price movement has been in the bearish direction. The price has receded to the $5.92 level as the bears were able to secure their position on the candlestick chart once more. The price is still above the moving average (MA) value which is at $6.020.
A crossover between SMA 20 and SMA 50 curves occurred in the past week, but now the bears have interrupted the uptrend. The increasing volatility has taken the upper Bollinger band to the $6.42 position and the lower Bollinger band to the $4.98 position. The Relative Strength Index (RSI) score has moved down to 48.90 because of the bearish momentum.
Uniswap price analysis conclusion
The one-day and four-hour Uniswap price analysis is confirming that the price underwent a reduction during the last 24 hours. That is because the bears have been able to make a successful comeback despite the ongoing uptrend. Their aim was fulfilled as the price dropped down to its former low i.e. $5.90. Further decline in UNI/USD price can be expected as the hourly prediction is dictating a downtrend as well.
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