According to the Uniswap price analysis, the bearish momentum is gaining further speed. Over the past week, there has been a notable downturn in price, and this downward trend persists today. The cryptocurrency’s value has plummeted to $5 today, resulting in considerable losses. Moreover, there is a high likelihood of the price breaking below the psychological threshold of $5.
UNI/USD 1-day price chart: Bearish momentum speeds up
The 1-day uniswap price analysis shows that the bears are trying to create a deficit of significant effect by exerting more pressure. The bears have successfully been able to strengthen their momentum, and have once again decreased the price level. This price has undergone deterioration and is now present at the $5 level. Meanwhile, the moving average (MA) is higher than the price value at $5.18 because of the downtrends in the past few weeks. The coin has lost a value of nearly three percent over the last 24 hours, and it has lost 3.47 percent over the course of the past seven days.
Throughout the day, the market has experienced moderate volatility, characterized by the settling of the Bollinger bands nearly at their previous values. Presently, the upper Bollinger band has settled at a value of $5.46, while the lower Bollinger band has dipped to $4.88. In line with this, the Relative Strength Index (RSI) has further reinforced the prevailing downtrend, as it has declined to 38 today, indicating increased selling activity in the market.
Uniswap price analysis: Recent developments and further technical indications
The 4-hour Uniswap price analysis reveals that the bears made a strong correction at the start of the trading session, as the price underwent a steep fall, accelerating the downward trend. The price swung as low as $4.93. But the coin is not yet ready to step below the psychological mark of $5, so support appeared, and the coin has since recovered back up to $5 again. The trending line is also moving downward, which indicates a major bearish sign. The moving average is above the price level at $5.08 as compared to the price level. While the Bollinger bands average is found resting at the $5.12 level for today.
Given the current high volatility, it is anticipated that the price will continue to decline. This is evident from the upper Bollinger band, which has now reached a value of $5.26, and the lower Bollinger band, which has touched $4.97, signifying the nearest support level. Moreover, there is an improvement in the RSI score, currently standing at 35, as it has recovered from the oversold range’s borderline. This indicates a slight recovery in market sentiment.
Uniswap price analysis conclusion
Currently, the market is firmly under the control of bears, as evident from both the one-day and four-hour Uniswap price analysis. The price of Uniswap has experienced a significant decline, resting at $5 at the time of writing. This persistent downtrend has remained unchanged for several weeks and is expected to continue in the foreseeable future. There is a strong likelihood that the price will soon breach the support level at $4.97 in pursuit of establishing a new low.
