Uniswap price analysis shows a bearish trend in the market after selling pressure increased earlier today. UNI/USD pair has dropped from a high of $6.43 to a low of $6.35, which is the current price.
Despite starting the day with a rise to $6.43, UNI/USD has been on a downward trend since then. The bears have pushed the price below the support level at $6.31, and this could lead to further declines in the near future. The resistance for UNI/USD is present at the $6.43 level, which could act as an obstacle to any upward movements. However, the selling pressure seems to be strong, and Uniswap is currently trading in the red.
The 24-hour trading volume for Uniswap is currently at $91 million, and this high volume indicates that the market is highly liquid. As such, any movements in the market will be highly volatile, while the market cap stands at $4.84 billion.
Uniswap price analysis 1-day chart: Bears in control as UNI dip below
The 24-hour price chart for Uniswap price analysis shows a bearish trend, with the UNI/USD pair losing more than 1.25 percent of its value in the past day. The price has been trading within a range between $6.31 and $6.43 for the past few hours, and the bears have managed to push it below the support level of $6.31. The next support level is seen at $6.25, which may act as a buffer if the price continues to fall.
In terms of the technical analysis, the Relative Strength Index (RSI) for UNI/USD suggests that selling pressure remains strong and has been hovering above the oversold zone since this morning. The moving average(MA) also suggests a bearish trend in the market as the 50 and 200 MA lines are trending downwards. The Bollinger bands for UNI/USD have also been contracting, indicating a period of low volatility.
Uniswap price analysis 4-hour chart: Recent developments
The recent developments in Uniswap’s price analysis show the UNI/USD pair trending downwards since this morning, with the market making lower lows and lower highs. At the time of writing, the UNI is down by 0.83 percent and trading at $6.31 as more sellers join the market. The moving average (MA) is trading above the price level at the $6.374 mark but is following the downslope of the falling price.
The volatility for the UNI has decreased as well as the Bollinger bands are narrowing. Now the upper band is at $6.471, while the lower band is at $6.133. The relative strength index (RSI) has been slipping down since morning and is trading at the index of 53 levels.
Uniswap price analysis conclusion
The Uniswap price analysis suggests the price will fall further today as the entire market is under a bearish spell. UNI/USD crypto pair has already gone through extreme loss today, and it is expected that the cryptocurrency value will continue to decrease in the coming hours.
