Uniswap price analysis: UNI/USD value depreciates to $7.04 after bearish extension


TL;DR Breakdown

  • Uniswap price analysis shows a downtrend
  • Short-term support is placed at $6.98
  • UNI prices are facing resistance at $7.33

Uniswap price analysis reveals that UNI/USD is currently in a bearish trend today following a significant drop in its price. The token opened the day at $7.26 and dropped to as low as $7.04, representing a 3.87% decline. Support for the coin has been found near the $6.98 level, while resistance remains at the $7.33 level. The UNI/USD pair is currently trading around the $7.04 level and could see a further downside if the support fails to hold. The 24-hour trading volume of the pair is around $120 million, while its market cap stands at roughly $5.35 billion. 

Uniswap price analysis 1-day price chart: UNI drops to $7.04 due to a bearish takeover

The 1-day Uniswap price analysis also shows that the coin is likely to face further losses in the near term. If support at the $6.98 level fails to hold, UNI/USD could drop to as low as the $7.00 level in the coming days. However, if the bulls manage to push the price above the $7.33 level, it could rise to $7.10 and beyond in the short term. Investors should keep an eye out for any potential upside and downside catalysts that could influence the price of Uniswap in the days ahead.

image 74
UNI/USD 1-day price chart, Source: TradingView

The relative strength index (RSI) of UNI/USD is currently at 59.57, indicating that the coin is neither overbought nor oversold. The Moving Average Convergence and Divergence (MACD) is below the signal line, indicating a bearish trend. The 20-day Exponential Moving Average (EMA) is currently at $6.927, while the 50-day Exponential Moving Average (SMA) is at $7.064.

UNI/USD 4-hour price chart: Recent developments and further technical indications

The 4-hour Uniswap price analysis shows that the market is in a downward trend and could see further losses in the short term. The UNI/USD pair is trading hands at $7.04 at the time of writing, as the bears are leading the price function. At the beginning of yesterday, the price had a comeback, but now the downward trend is becoming more pronounced. The short-term trend line is currently once again declining. The volume of the UNI/USD has decreased significantly in the past few days, indicating a lack of buying pressure.

image 73
UNI/USD 4-hour price chart, Source: TradingView

The 4-hour chart shows that the coin is trading below both its 20-day EMA and 50-day EMA, indicating a bearish trend. The moving average convergence and divergence (MACD) is in the negative zone and continues to fall, while the relative strength index (RSI) is currently at 59.08, which signals that the coin is oversold.

Uniswap price analysis conclusion

Overall, the Uniswap price trend is bearish in the near term and could see further losses if support at $6.98 fails to hold. Investors should watch for any potential catalysts that could trigger a rally in the coming days. As the bears continue to dominate the market today, the price has dropped to $7.04 from the previous day. The bearish pressure might intensify and push prices further lower if the $6.98 support level is successfully held in 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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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