Uniswap price analysis: UNI/USD dips to lows of $5.50 as a firm bearish momentum builds

In this post:

  • Uniswap price analysis shows a bearish trend
  • Resistance for UNI prices is present at $5.79
  • Support for UNI prices is seen at $5.43

Uniswap price analysis reveals that UNI/USD is currently in a bearish trend after a brief period of price consolidation. The crypto asset has lost over 4.34% of its value since it peaked at $54.99 on April 19. The price has been hovering around the $5.50 level for the past week, as buyers and sellers struggle to gain control over the market. Although bulls were in control of the market earlier in the month, bears have taken over as of late. The price has been trading within a range between $5.43 and $5.50 for the past few days, with neither side able to break out. The 24-hour trading volume has also been decreasing, indicating a lack of momentum in either direction. It remains to be seen whether the bulls or bears will prevail in the near future, but it is clear that Uniswap is in a period of price uncertainty. Investors should exercise caution when making any decisions regarding UNI/USD, as the market could turn either way at any moment.

Uniswap price analysis 1-day chart: UNI price goes down to $5.50 after bearish drift

The 1-day Uniswap price analysis predicts a downward trend for the market as the selling momentum remained high over the past 24 hours. The resistance level of $5.79 is acting as a strong barrier to further price increases, and the bears have managed to push back any bullish advances. The support for the UNIUSD pair is found at $5.43, but it is possible that this level may not be enough to prevent further declines. 

image 457
UNI/USD 1-day price chart, Source: TradingView

The UNI price continued to receive support from the 9-day and 20-day EMA lines at press time. However, traders may want to take note of the bearish ascending wedge pattern that has formed on the crypto’s daily chart. The Relative Strength Index (RSI) indicator is also showing signs of bearish sentiment, as it has dropped below the 50-level. The Bollinger bands have diverged, and a squeeze can be observed, which might give rise to high volatility in the near future. The upper limit of Bollinger’s band exists at $6.59, while the lower limit is at $6.21.

UNI/USD 4-hour chart: Latest development

The 4-hour price analysis predicts that the UNIUSD pair is likely to continue its bearish trajectory in the short term. The bears have successfully tackled unfavorable circumstances as the bullish current has been disrupted. The price is now at $5.50, and further devaluation is to follow if the selling activity experiences a further rise. The market volatility is following a decreasing trend, and the trading volume is slowly declining. The bulls are losing control of the market, resulting in a bearish sentiment among traders.

image 458
UNI/USD 4-hour price chart, Source: TradingView

The RSI is currently at 28.42, which indicates that the market is oversold and a short-term recovery could occur. On the other hand, the moving average (MA) value is presently at $5.608, which is relatively close to the UNI current value of $5.50. The market’s volatility is following a decreasing trend. This means that UNI/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of Bollinger’s band exists at $6.61, while the lower limit is at $5.375.

Uniswap price analysis

Overall, the Uniswap market is currently in an uncertain state, and traders should exercise caution when making any decisions. The one-day and four-hour Uniswap price analysis indicates a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain high momentum and have succeeded in causing a decline in the price to the $5.50 range. Yet, as the bullish momentum in the past week has been seen to be reviving, it can be expected that it might bounce back to take the price above the $5.73 resistance.

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

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