Uniswap price analysis shows that the market sentiment is bearish and the price may continue to fall. The UNI/USD pair is currently trading at $5.34, down 0.16 percent in the past 24 hours and 4.60% on a 7-day basis. The market is following a complete bearish movement, obtaining lower lows and lower highs, indicating a downward trend. For now, Uniswap could look for support near $5.22 or $5.18 if it drops further. On the upside, resistance levels can be seen at around $5.40 and then at $5.45 before any more significant recovery occurs in the market. The 24-hour trading volume is around $41 million, and the total market cap stands at almost $3.08 billion as of this writing.
Uniswap price analysis 1-day chart: Bearish momentum degrades UNI price to $5.34
The 1-day Uniswap price analysis also reveals that the trading volume is decreasing, indicating a bearish market sentiment. The bears have taken control of the market and are dominating the price movements. The UNI price has come down to the $5.34 level as the coin is continuously getting negative sentiment from the market. It is also expected that the price function may remain bearish in the upcoming hours as well.
The relative strength index (RSI) is at 44, which indicates that the market is still in a bearish momentum as it has not been able to break through the 50 mark for some time. The moving average convergence and divergence (MACD) is also below zero and indicates a bearish trend. The upper Bollinger band value has now moved to $5.989, whereas the lower Bollinger band value has moved down to $5.033.
UNI/USD 4-hour price chart: Bearish momentum pulls the price back to $5.34
Looking at the hourly Uniswap price charts shows that the market has been in a bearish trend since the beginning of today, and prices are moving downward. The digital asset has been facing strong resistance levels near the $5.34 range, and it is possible that we may see more selling pressure in this region if the bearish sentiment continues to prevail. On the downside, the first support level can be found near $5.27, followed by $5.22, and then $5.16 for any minor recovery.
The upper limit of Bollinger’s band exists at $5.583, while the lower limit is at $5.155. The price currently trades near the middle of Bollinger’s band, indicating decreasing market volatility. The MACD shows a bearish crossover as the signal line has moved below the histogram. This indicates that the market momentum is shifting from bullish to bearish. The relative strength index is currently at 49.12, indicating that the market is neither overbought nor oversold.
Uniswap price analysis conclusion
To sum up the Uniswap price analysis, the market is bearish, and we may see a further downside if the current sentiment persists. The market is likely to remain bearish in the short term, and traders should be cautious while entering any new positions.
