Uniswap price analysis: Bearish momentum dominates as UNI drops $6.00 level

TL;DR Breakdown

  • Uniswap price analysis shows bearish momentum at the $5.84 mark
  • UNI/USD is facing rejection near the $6.02 level
  • A support level is present near $5.58

Uniswap price analysis is showing a bearish trend in the market today. The UNI/USD pair has been trending downwards over the past few hours, and it currently trades just below the $6.00 level.

The bearish momentum is quite strong at this point, as buyers are unable to take control of the market and push prices higher. If this continues, then Uniswap may soon break below the $5.50 level, which could mark a significant support zone for the pair.

The Uniswap price analysis is currently at the $5.84 mark, which indicates that the pair is facing rejection near the $6.02 level. This suggests that buyers are struggling to break through this resistance point, and if they fail to do so in the coming hours, then Uniswap may be headed for a further decline.

Uniswap price analysis 1-day chart: Bearish resistance results in a declining trend for UNI

The one-day Uniswap price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The circumstances are turning favorable for the sellers, as the past few days observed a constant improvement in their UNI market price. Nonetheless, a downturn in price occurred today which is why the price has been lowered to $5.84 point with a loss of 2.6% in the last 24 hours.

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UNI/USD 24-hour price chart. Source: TradingView

The moving average (MA) is still quite low and is present at a $6.24 marker which indicates that a bearish crossover is imminent. The RSI indicator is also indicating negativity and has been fluctuating near the 50-marker for some time now, suggesting that the coin may soon enter the oversold zone.  The moving average converges divergence (MACD) line is also mirroring bearishness, as the MACD line has crossed below the signal line. This means that the downtrend may continue in the coming days or weeks.

Uniswap price analysis: UNI price backtracks to $5.84 as bears regain dominancy

The price is headed down according to the four hours Uniswap price analysis and has reached the $5.84 position. The short-term trending line is also descending as the bears have been showing control over the market for the past few hours. The last four hours have proved damaging for the cryptocurrency value as well as the price declined on a noticeable level.

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

The price is still below the moving average value, suggesting that the coin is heading in a downward direction. The relative strength index has also observed a bearish crossover with the 35.63-marker, implying that the bears will remain in control for some time. The histogram also shows a bearish crossover, indicating that the downtrend may follow for some more time.

Uniswap price analysis conclusion

The Uniswap price analysis shows that the current bearish momentum is dominant in the market. The $6.02 level has become a major resistance point for the pair, and if buyers fail to break through this barrier, then UNI/USD may soon drop below the $5.58 support mark. The selling pressure is quite strong at this point, and the technical indicators are implying that the downtrend may continue for some more time.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.