Uniswap price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have brought down the price from $6.37 to the $6.28 level; as the broader market is bearish, so is UNI. Selling pressure came in during the last 24 hours of the previous trading session, which turned the entire trend bearish yesterday and is on the go till now.
Though the price has been in the upper price channel recently, On last month, LUNA observed a new record high, but the coin is under a strong correction, and the loss is significant, further degradation of price is also expected in the hours. The market cap for UNI/USD pair is currently at $4.7 billion and the 24-hour trading volume is $107 million, according to CoinMarketCap.
Uniswap price analysis 4-hour chart: Support level of $6.11 which is likely to hold
The 4-hour chart for the Uniswap price analysis is quite interesting as the bears have taken control of the market. The price has been declining steadily since the start of the week and it has now reached the support level of $6.11. The demand in the market is strong enough to keep the price from falling further and it is likely to hold, which could also mean that a rebound might be seen in the near future.
Looking at the technical indicators the Bollinger bands are diverging which is a sign that the market might be volatile in the near future. The upper band is at $6.59 and the lower band is at $6.15, which suggests that there will be another round of selling if the price moves below these levels. The Relative Strength Index (RSI) has also moved down to 40.53 which indicates that there might be some more bearish momentum in the near future. The moving average (MA) continues to trade below the SMA 50 at $6.29, which suggests that the market might remain bearish in the short term.
UNI/USD 1-day price chart: Price drops as bears stop further advancement
The 1-day price chart for Uniswap price analysis shows a price drop as selling pressure triggers from the traders. After a significant improvement in UNI/USD pair price, correction is happening, as traders want to book profits before a further bulls rally. The bulls are not able to push the price above $6.37 which was observed as a resistance level, of which bears took advantage and drove the price further down below the $6.11 support level.
Looking at the technical indicators, both MA and SMA 50 have created a bearish crossover pattern signaling that a continuation of the bearish trend is likely. The RSI has also slid down to 53.10, which suggests that the price might be heading for further losses in the near future. The Bollinger bands are narrowing which is a sign that the market is about to become volatile and further losses are on the cards.
Uniswap price analysis conclusion
Uniswap price analysis is bearish today as the bears have interrupted the uptrend. The support for UNI is present at $6.11 and if that level fails to hold, then it could lead to further losses in the near future. We expect the price to remain bearish in the short term as the technical indicators are suggesting a downward trend. Therefore, traders should be cautious while entering new positions in this market as there is still some room for further losses.