Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle

Uniswap price analysis

TL;DR Breakdown

  • Uniswap price analysis shows a bearish trend
  • Support for UNI is present at the $6.62 level
  • Resistance for UNI is present at $7.04

The Uniswap price analysis is indicating a drop in price today, as the price has lowered to $6.76 after the continuation of the bearish trend since yesterday. The past few hours have been crucial for the cryptocurrency, as bulls have also tried to prevent price slippage but bears are yet in dominating position.

At present, it can be seen that there is some support for UNI at the $6.62 level while resistance is present at the $7.04 mark. If the bulls are able to push prices above this level, then we can expect a further increase in value. However, if the bears remain in control and take prices below $6.62, then a steep decline may occur. The market cap for UNI remains at $5 billion and the 24-hour trading volume is around $117 million.

UNI/USD 1-day price chart: Sellers are persistent in maintaining the bearish pattern

The 1-day Uniswap analysis is showing a small decrease in the price today, as bulls and bears are clashing with one another for lead. The price has been slightly downgraded to an extent and it is now resting at $6.76 in the 1-day price chart reporting a loss of nearly 0.56 for the last 24 hours. The past few days have been highly supportive for the buyers, which resulted in a continuous bullish trend for past days. Yet, today’s trend has been quite the opposite, as the price levels have sunken.

image 142
UNI/USD 1-day price chart. Source: TradingView

The moving average (MA) is still standing below the current price at $6.89, indicating that the bearish trend is still prevailing. The relative strength index (RSI) is at 57.95 level, which signifies weak buying pressure in the market and sellers holding the lead for now. The MACD indicator has also shown a bearish crossover pattern, which suggests that the momentum is completely in favor of sellers.

Uniswap price analysis: Recent developments and further technical indications

The 4-hour Uniswap price analysis is dictating that a further decline in the price is to follow after a recent bullish attempt to do otherwise. The bears have caused the price levels to fall below the $7.00 mark, thereby securing their recent lead. This has added to the bearish momentum, however, the downfall is yet under control and buyers are still trying their luck to bring the price back up and are expected to stay within the boundaries of a certain range.

image 141
UNI/USD 4-hour price chart. Source: TradingView

The RSI has also dropped to the 45.21 level, meaning that buyers are slowly appearing but sellers remain in control for now. The MACD indicator has formed a bearish engulfing pattern, with the signal line and histogram both falling. This suggests a further bearish trend in the market, which could lead to prices going down even further.

Uniswap price analysis conclusion

Overall, the Uniswap price analysis is showing that a bearish trend has taken over the market and buyers’ attempts are seemingly proving futile as of now. The chances of a bull run anytime soon are slim, but traders and investors should still keep an eye out for any sudden changes in the market. The technical indicators are all pointing towards a bearish trend and the price is slowly declining. However, if buyers can maintain their presence in the market and prevent further drops then prices may potentially start to rise again.

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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