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Uniswap price analysis: UNI faces rejection at the $5.41 mark as bears hinder the bullish momentum

Uniswap price analysis: UNI faces rejection at the $5.41 mark as bears hinder the bullish momentum
TL;DR Breakdown
  • Uniswap price analysis is bearish today.
  • Resistance for UNI/USD is present at $6.09.
  • The support is present at the $4.28 level.

The Uniswap price analysis is showing bears are in the lead today. As the market opened up, bears started gaining strength and took the price down to the $5 range, where recently UNI found support and bulls are trying to take charge. Previously coin was showing bullish momentum for the past three days, but today bears have caused ample damage to the price value.

UNI/USD 1-day price chart: Uni sheds three percent

The 1-day price chart for Uniswap price analysis shows a three percent decrease in price today. The UNI bulls are trying hard to take over the price function, but bearish supremacy is still dominating today’s price action. UNI/USD suffered a loss of 3.1 percent in value in the last 24 hours, as the crypto pair is trading at $5.02 at the time of writing. The Uniswap is at a loss of 27.76 percent if we look at the course of the last seven days.

UNIUSD 1 day price chart 2022 05 16 1
UNI/USD 1-day price chart. Source: TradingView

The volatility is relatively high and still increasing as Bollinger bands widen up vastly, with the upper band present at $8.83 representing the strongest resistance, and the lower band present at the $4.28 level, representing the strongest support for UNI. The average of Bollinger bands is at $6.55 above the price, and the moving average (MA) is also traveling down towards the price level which is currently present at $5.49. The relative strength index (RSI) is on the downtrend and is present at index 32 near the border of the underbought area.

Uniswap price analysis: Recent developments and further technical indications

The 4-hours Uniswap price analysis chart shows the bears caused heavy damage during the first eight hours of the trading session today, but on the other hand, bulls are trying to maintain the price levels as a small green candlestick has appeared on the chart. The day started with selling pressure and bears provided resistance and took over the market for eight hours, but bulls may take the charge again however the trend may remain bearish for the day.

uniusd 4 hour price chart 2022 05 16
uniusd 4 hour price chart 2022 05 16

The volatility is comparatively low, as Bollinger bands have narrowed, with the upper end of Bollinger bands at $5.42 and the lower end at the $4.81 level. The moving average is at the $5.17 mark, and the Bollinger bands average is at the $5.12 mark, both averages are above the current price level. The relative strength index (RSI) is moving down slowly, but the curve is flattening up due to the appearance of the support and shows a score of 43 in the lower half of the neutral zone.

Uniswap price analysis: Conclusion

The 1-day and 4-hours Uniswap price analysis show a bearish trend for today with clear signs of bearish shadows, but bulls are trying to take over at the moment. Further down the time today, the price movement will take shape as market players act; if the overall moving average came below the price level, then bulls may succeed in carrying the lead, and if the moving average hovered above the price level, then bears may stretch the leg and take cryptocurrency further down towards the support level of $4.28.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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