Uniswap price analysis shows a downtrend as the bearish sentiment has taken over. The UNI market has been struggling to stay above the $6.00 mark, and it seems that further downside pressure is pushing UNI lower.
The bulls have failed to break out of the resistance at $5.54 and this could be causing the price to drop down. The Uniswap market has dropped down to the $5.38 level as buyers are not stepping in. Support is still stable at $5.35, but this could be tested again if the bearish sentiment continues to prevail.
Uniswap price analysis 1-day price chart: UNI/USD breaks below $6.00
The 24-hour Uniswap price analysis shows a decline in price today after a continuous bearish rally. UNI price is decreasing gradually as bears get hold of the market. The past few hours proved insignificant for the cryptocurrency, as UNI was unable to sustain above the $6.00 level. The UNI/USD pair is trading hands at $5.38 at the time of writing, with a decrease of 2.39% over the past 24 hours.
The RSI indicator is also heading towards the oversold region as sellers are in control over the market. RSI is currently sitting at 35.52 and is showing no signs of recovery. A bearish crossover is also observed on the MACD indicator, which indicates more downside pressure in the coming days. The 50-day EMA has given a sharp reversal from the $5.69 level, and it could prove to be an ultimate hurdle for bulls trying to get back into control. The 20-EMA is also heading downwards, which indicates further bearish momentum in the market.
UNI/USD 4-hours analysis: Recent developments and further technical indications
The 4-hour Uniswap price analysis shows bears are in reign from the start of the day without any interference from the buyers’ side, as a red candlestick is indicating a decline in the price level. UNI/USD is trading hands at $5.38 and could see a further decrease in the coming hours as support levels seem to be getting weaker with each passing hour.
Looking at 4-hour technical indicators, the 100-EMA and 200-EMA are both pointing downwards, which indicates a bearish outlook. The RSI has also dropped to 33.34 and is heading further down, suggesting an oversold situation for the UNI/USD pair. The MACD indicator is showing a weak bearish momentum as the histogram bars are attaining shorter depths with each passing bar. It signals that the downward pressure is going to be weak in the upcoming hours at $5.30.
Uniswap price analysis conclusion
In conclusion, Uniswap price analysis shows that the UNI/USD pair has dropped down to the $5.38 level, and bearish sentiment has taken over the market. The support is still visible at $5.35, which could help the cryptocurrency to bounce back in the short term. However, bearish momentum is likely to remain strong in the near term as selling pressure is increasing.
