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Uniswap price analysis: UNI remains bearish as it heads toward $5.99

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis is bearish today
  • Support for UNI/USD is seen at $5.83
  • Uniswap price analysis faces resistance at $6.17

Uniswap price analysis shows a slight downward trend in current market conditions. The crypto is trading at $5.99, at the time of writing. Prices have been trading between $5.83 and $6.17 over the past 24 hours. The next few hours may see upward price movement as the bears take a breather, but any rallies will likely be short-lived as the overall trend remains bearish.

The UNI/USD pair is bearish today as the price reaches a low of $5.83, after failing to sustain above the $6.17 resistance level. The bears are in control of the market and are likely to push prices lower in the next few hours. The most recent attempt at a corrective rally occurred last week, but this too was sold into, leading to the current decline. The price has now broken below the $5.83 support level and looks likely to continue falling.

Uniswap price analysis on a 1-day price chart: Bears are adamant as they push prices below $5.99

On 1-day timeframes, the UNI/USD pair is bearish today as prices slip below the $6.00 level. The bears have been in control of the market for the last 24 hours and are likely to push prices lower in the next few hours. The 24-hour market cap for the Uniswap price analysis is currently at $4,540,200,152 and the trading volume is at $97,238,169. The bulls may take control of the market if prices manage to sustain above the $6.17 resistance level. A breakout above this level could lead to a move higher toward the $.6.30 resistance level. However, any rallies will likely be short-lived as the overall trend remains bearish.

image 291
UNI/USD 1-day price chart, Source: TradingView

The EMA50 and EMA20 are both close to crossing over on the 1-day chart, which is a bearish signal. The Relative Strength Index (RSI) is currently at 52.91 and is slowly rising, which indicates that the bears are losing momentum. The Moving Average Convergence Divergence (MACD) histogram is also bearish as it continues to decline.

Uniswap price action on a 4-hour price chart: Resistance at $6.17 is currently limiting upward momentum

The 4-hour timeframe for the Uniswap price analysis shows that the bears have been in control of the market for the last 4- hours. The price is currently trading below the $6.17 resistance level and looks likely to continue falling. The UNI/USD price appears to be crossing under the curve of the Moving Average Convergence Divergence (MACD) histogram, which is a bearish signal. The Relative Strength Index (RSI) is currently at 51.05 and is moving below the 60 level, which indicates that the market is bearish.

image 290
UNI/USD 4-hour price chart, Source: TradingView

The EMAs are currently trading close to the mean position as net price movement over the last five days remains low. Furthermore, as the price action stagnates at the $5.99 mark, the EMAs move horizontally with both converging rapidly to signify a lack of activity from either side of the market. 

Uniswap price analysis conclusion

Uniswap price analysis for today shows the prices are trading in a bearish trend as the market is under pressure. Prices have found some support at $5.83 however, the market remains under pressure. The market is facing some selling pressure in recent hours, with no signs of bullish momentum.

DisclaimerThe 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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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