Uniswap price analysis: UNI price drops to $6.54 as bearish momentum persists


TL;DR Breakdown

  • Uniswap price analysis appears to be bearish
  • Support for UNI/USD is present at $6.31
  • Resistance for UNI/USD is currently at $6.61

    Uniswap price analysis shows that its price is bearish today. Uniswap has been on a steady downward trend since yesterday, and its current price is $6.54. The UNI/USD pair had earlier found support at $6.31 but failed to break the overhead resistance of $6.61 in the intraday session. The resistance at $6.61 has been a constant for the last few days, and it appears that the bulls are not able to breach it, which is keeping the price range bound in that area. The UNI price analysis has decreased by 0.69 percent in the past 24 hours. The market capitalization for the cryptocurrency is currently at $4.98 billion, and the 24-hour trading volume for UNI/USD pair is $71 million.

    Uniswap price analysis 1-day chart: Bearish trend worsens as price depreciates up to $6.54

    The 1-day Uniswap price analysis also shows a downward trend as the price is trading below $6.54. The bears have been in control of the Uniswap markets after encountering bullish pressure around $6.80.Since then, the price has been on a downward spiral and is currently trading below the $6.54 level. The bearish momentum has been strong, and the price is likely to test the recent lows unless a strong bullish wave takes over. 

    image 497
    UNI/USD 1-day price chart, Source: TradingView

    The Relative Strength Index (RSI) of UNI is at 52.30, which indicates that the market is neither oversold nor overbought. The UNI/USD daily chart clearly shows that prices are below their 20-day exponential moving average (EMA) and 9-day EMA, which indicates a bearish trend. The moving average convergence and divergence (MACD) indicator is currently in the bearish momentum as the signal line(red) is above the MACD line(blue).

    UNI/USD 4-hour price chart: Latest development

    Looking at hourly Uniswap price analysis reveals that the market is currently in a negative trend as a decrease in coin value is seen. At the beginning of the week, the price had a comeback, but now the downward trend is becoming more pronounced. The short-term trend line is now at $6.54, which suggests that the prices could further decrease in the near future if there is no support.

    image 496
    UNI/USD 4-hour price chart, Source: TradingView

    The exponential moving average (EMA) of UNI has also fallen below the 200-day moving average, which suggests that the current bearish trend is likely to continue in the near future. The MACD indicator shows that the MACD line is currently below the signal line signaling a developing bearish retracement. Furthermore, the relative strength index (RSI) of UNI is also currently in bearish territory and indicates that the price could continue to fall. This means that UNI is undervalued at the moment, and a price rebound may occur in the near term, pushing the asset’s price up to around $6.5. 

    Uniswap price analysis conclusion

    Overall, Uniswap price action has been bearish, and the coin is likely to remain under pressure in the near term. The current levels offer an opportunity for traders to enter into short positions with tight stop losses. Investors should watch out for any positive developments that could turn the tide in favor of UNI and cause a reversal in its price trend. Trading with caution is advised as the market remains volatile and uncertain.

    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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