TL;DR Breakdown
- Uniswap price analysis suggests a downward movement to $6.600
- The closest support level lies at $6.700
- UNI faces resistance at the $6.900 mark
The Uniswap price analysis shows that the UNI price action has fallen below the $6.750 level, but the bulls find short-term support at the $6.700 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include AVAX and NEAR, recording a 3.74, and a 13.10 percent incline, respectively.
Uniswap price analysis: UNI falls below $6.750
The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bullish momentum as expressed in the short-depth of the indicator. Moreover, the lighter shade of the histogram shows an increasing bearish pressure as the price falls back toward the $6.700 mark.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading close to each other showing low momentum at press time. Moreover, the converging EMAs suggest an increasing bearish pressure for the asset.
The RSI briefly rose towards the overbought region but has since gone down toward the mean line as the bullish momentum slowed down. At press time, the indicator has retreated to the mean line at the 52.57 index unit level showing low net momentum. Moreover, the horizontal price action shows low activity in the markets in recent hours. Currently, the indicator does not issue any signal and remains neutral.
The Bollinger Bands are currently wide as the price action exhibits moderate volatility in recent days. However, the indicator is converging as the price action is moving back toward the indicator’s mean line. The indicator’s bottom line provides support at the $6.333 mark while the bottom line presents a resistance level at the $6.727 mark.
Technical analyses for UNI/USDT
Overall, the 4-hour Uniswap price analysis issues a buy signal, with 13 of the 26 major technical indicators supporting the bulls. On the other hand, three of the indicators support the bears showing low bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Uniswap price analysis shares this sentiment and also issues a buy signal with 15 indicators suggesting an upwards movement against one suggesting a downward movement. The analysis shows strong bullish dominance across the mid-term charts with little bearish resistance persisting. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.Â
What to expect from Uniswap price analysis?
The Uniswap price analysis shows that the Uniswap market is enjoying a strong bullish rally as the price rose from $5.00 to the current $6.700 level in the last 30 days. Currently, the price action is facing strong pressure from the bears at this level as UNI was rejected at the $6.900 mark and falls back toward the $6.700 mark.
Traders should expect UNI to fall back towards the $6.600 mark where the next key support level lies. While the mid-term technicals remain bullish, the short-term technicals are showing a bearish reversal in recent hours. Given the circumstances, the price should be expected to fall to $6.60, but not any further before making an upwards movement again.
