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Uniswap price analysis: Bearish spell sets UNI prices trading at $5.24

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price is bearish today
  • UNI prices have sought resistance at $5.38
  • Uniswap prices could retest $5.22 if the current bearish sentiment persists

Uniswap price analysis reveals that UNI prices are currently in a bearish spell as prices have broken below the $5.38 resistance level. This bearish spell has seen UNI prices trading around the $5.24 mark, which is a notable drop of over 0.48% in the last 24 hours. The current bearish sentiment is likely to continue if the $5.38 resistance level holds, as UNI prices could retest the $5.22 support level in the near term.

On the other hand, if UNI prices manage to find some buying pressure and break above the $5.38 resistance level, then UNI prices could climb up to the $5.45 mark in the near term. The Uniswap prices have been trading between $5.22 and $5.38 for the past few hours with no clear direction.UNI trading volume is seen to be picking up as the 24-hour volume stands at $46 million, and a market cap of $4.027 billion.

Uniswap price action on a 4-hour chart: Bears stumble as bulls are eying to breach the current bearish spell

The 4-hour price chart for Uniswap price analysis reveals that prices are currently trading in a descending channel formation as prices are seen to be forming lower highs and lower lows. The bullish momentum is seen to be increasing as prices are hovering around the $5.24 mark in the previous day.

image 412
UNI/USD 4-hour price chart. Source: TradingView

The Relative Strength Index (RSI) is seen to be declining as a result of the current bearish spell, and it is currently trading at 38.33. On the other hand, the MACD is seen to be declining as well, and it is currently trading below the signal line as a result of bearish pressure. The 50-day moving average is currently at $5.35 and the 200-day moving average is at $4.92, which suggests that UNI prices could retest the $5.22 support level in the near term.

Uniswap price analysis on a 1-day price chart: UNI prices prepare for a bullish trend as bears seem to be exhausted

The one-day Uniswap price analysis chart is showing signs of recovery after the bears took over the market earlier this day. The past few days have brought positive news for the buyers as the coin has been sustaining its price levels, and the trend has been unchanging for today as well. The price has moved up to the $5.24 level after the bulls made a comeback today. The momentum is building up at a rather slow pace as compared to yesterday’s progress.

image 413
UNI/USD 1-day price chart. Source: TradingView

The 50-day moving average is seen to be flattening out at $5.35, while the 200-day moving average is at $4.92 on the 1-day price chart. The RSI is currently at 45.61 and the MACD is seen to be forming a bullish crossover as the signal line has crossed above the MACD line. The RSI is seen to be indicating a bullish trend in the near term if prices are able to breach the current resistance at $5.45.

Uniswap price analysis conclusion

From the given Uniswap price analysis for one day and four hours, it can be inferred that the cryptocurrency is recovering slowly, but the price is present at a lower level compared to the start of the month. However, it can be expected that UNI will continue its upward price movement in the near term if bulls can reclaim the $5.45 resistance level.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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