The Uniswap price analysis shows that, since yesterday, the price has been falling as the bears have battled to maintain the upper hand. The price has dropped to the $5.89 mark as the bears have regained strength, confirming the downtrend that was seen yesterday. As a result, chances of recovery have been delayed, which has proven to be quite detrimental to the total value of the coin. Further drops are anticipated to occur in the following hours as well.
UNI/USD 1-day price chart: Price drops to the $5.89 level following recent setback
The price has dropped as low as $5.89 today, according to the one-day Uniswap price analysis, which confirms a downward price trend for today. Without any significant breaks from the bulls, the price has been falling since the previous day. Following their successful exploitation of the circumstances, the bears were able to lower the price to $5.89 over the past 24 hours. The moving average (MA) number is $5.90, and the price has also fallen below the MA.
Because of the day’s elevated level of volatility, the bears currently have the upper hand. As a consequence, the upper Bollinger band value has now increased to $6.56, which represents resistance, while the lower Bollinger band value has decreased to $5.53, which represents support. A certain amount of reduction has occurred in the Relative Strength Index (RSI) number, which is now 46.
Uniswap price analysis: Recent developments and further technical indications
Given that the price has been steadily declining, the four-hour Uniswap price analysis has declared a bearish advantage. Since the last few hours, a downward pattern has been discernible as the price decreased to $5.89. Since the last four hours, the price has fallen considerably as the bearish momentum has gotten stronger. On the four-hour price indicator, the moving average is currently at $5.98.
Today also saw a crossing between SMA 50 and SMA 20, which is a bearish sign. The upper and lower Bollinger bands now have values of $6.18 and $5.86, respectively, due to the drop in volatility. Due to the sharp decline in the UNI/USD value, the RSI number has dropped to 40.
Uniswap price analysis conclusion
The one-day and four-hour Uniswap price analysis has verified that the price has decreased today. Even though the price increased earlier, the bears have managed to bring it down to $5.89 in the past 24 hours, putting them back on course. The hourly forecast has also been on the unfavorable side, so the cryptocurrency will likely suffer further losses in the future.
