Uniswap price analysis shows a bearish momentum that pulled the price back to $6.07, after a brief period of stability at around $6.32. The bearish pressure overpowered the bulls and UNI dropped below its immediate resistance point of $6.32 after bearish patterns emerged.
The bulls have been in the lead for the past few days and it seemed that the price would move up further. However, in the last 24 hours, the bears have taken control of the market and pushed down the UNI price. This has caused a strong bearish pressure on Uniswap and support for UNI is now seen at $6.07 per token.
UNI/USD 1-day price chart: Bears bound the price by overruling the opposite party
The daily chart for Uniswap price analysis shows a bearish outlook for the pair. The bulls were unable to break above $6.32 and the bears drove the price lower again. This indicates that the current uptrend is ending and the downtrend could take over soon. The downtrend has resulted in the price value going down to $6.07 with a loss of 3.60 percent in the last 24 hours.
The market capitalization of Uniswap is currently around $3.52 billion and the 24-hour trading volume stands at $61 billion. Both these figures indicate a bearish trend in the market, as investors are selling off their UNI tokens to make profits from the downtrend.
The MACD has crossed into negative territory, signaling a bearish crossover just before Uniswap breached the support level of $6.10. This could be a sign that bears are in control and the downtrend might continue further. The RSI is also trading in bearish territory below 50, showing more downside pressure on Uniswap prices. The moving average indicator is currently at $6.03, indicating that the price could continue to slide lower in the next few days if bears remain in control of the market.
Uniswap price analysis: Bears confiscate the market as selling pressure intensifies
The following four-hour Uniswap price analysis is going favorably for the sellers, as the bears are continuously pulling the price levels down. More and more red candlesticks are appearing on the price chart as the selling activity is increasing. The price is now present at the $6.07 level, creating an alarming situation for the cryptocurrency. The moving average is at a safer position as it rests at $6.22 at the time of writing.
The four moving average convergence and divergence (MACD)indicators are trading in a bearish formation, as the signal line is trending below the MACD line. The histogram is decreasing, showing more bearish momentum in the market. The relative strength index (RSI) is also trading below 50 and at 47.18, and heading into oversold levels, giving strength to the bearish pressure.
Uniswap price analysis conclusion
Overall, Uniswap price analysis indicates that bears are in control of the market and that further losses could be seen in the near term. Bears need to break below $6.10 for a deeper drop, while bulls must go above $6.32 for any sort of recovery rally if we are to witness any. The current bearish trend is likely to continue in the short term given that no major bullish catalysts are present. The price could breach $6.07 if the bearish pressure increases any further, leading to more losses for Uniswap holders.
