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Uniswap price analysis: UNI market is on a downward trend, as the price falls to $6.60

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis shows an extremely bearish trend
  • Support for UNI price is present at $6.42
  • Resistance for UNI/USD is present at $6.64

The Uniswap price analysis shows a bearish trend for today. The bears have taken over the price charts once again, and a small deficit in the price level, as market sentiment is bearish towards UNI/USD. Selling pressure built at the start of today’s session, and the price came down to $6.60, though the price was on recovery up till yesterday, and still there is a possibility that the price may recover in the coming hours. The 24-hour trading volume of Uniswap is at $104 million (USD), indicating that the market is still active. The current market capitalization of the UNI token stands at approximately $5 billion (USD).

Uniswap price analysis 1-day price chart: Can bulls make a comeback?

The 1-day price chart for Uniswap price analysis shows the price breakup was downwards today, and yet the price is trading towards the negative side. The UNI/USD pair is trading hands at $6.60 at the time of writing. The price trend was upward during the past three days, but today the trend has changed. If observed over the past 24 hours, the price has fallen from $6.86 to $6.60 and is now close to finding support at the recent low of $6.42. Moreover, if the current trend continues, it will be difficult for bulls to make a comeback and take over the UNI/USD pair.

image 301
UNI/USD 1-day price chart Source: TradingView

The 50 SMA line is currently below the 200 SMA line, which indicates that the path of least resistance is to the downside. The RSI indicator is currently at 59.19 and is indicating that the token is oversold. This means that there could be a small bounce in prices before the bearish trend resumes. The MACD indicator is also showing bearish momentum as the MACD line is below the signal line.

Uniswap price analysis 4-hour  chart: What is the next support level?

The 4-hour price chart for Uniswap price analysis shows a strong correction at the start of the trading session, but later on, considerable bullish efforts have been observed during the last 4 hours. The last candlestick appearing on the 4-hour chart is red, marking a  bearish momentum in the UNI/USD pair. The current 4-hour chart trading range is $6.42 to $ 6.64, and this could be a good range to watch out for a possible breakout on either side of the range.

image 300
UNI/USD 4-hour price chart Source: TradingView

The 50 SMA line is currently below the 200 SMA line, indicating that the trend is bearish. The RSI indicator is at 68.28 and is indicating that the token may be oversold. On the other hand, the MACD indicator is showing a downtrend momentum as the MACD line is below the signal line. The next support level for Uniswap is currently at $6.42, and if it breaks, then we could see a further downside in prices towards $6.15. On the upside, resistance is seen at $6.64 and higher levels may be seen only if the bulls gain control of the market.

Uniswap price analysis conclusion

Overall, Uniswap price analysis trading is bearish, and traders should be cautious while taking any position in the near term. The price could stay at current levels or move lower depending on market sentiment. However, the bulls have not lost all hope yet and a breakout on either side of the 4-hour chart trading range could take place.

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.
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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