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.
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.
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.