The Uniswap price analysis for today shows a bearish momentum, and the price of UNI is declining. The cryptocurrency has lost 2.66 percent of its value in the past 24 hours and is now trading at $6.24. The bears seem to be in control, and the trend will likely continue. The support level of $6.14 has been breached, and this could lead to more losses for UNI. The coin has now formed a descending triangle, and if the price drops below $6.25, it could be a sign of further bearishness.
Resistance for the UNI/USD is at $6.43, which is currently posing a significant hurdle for the bulls. The bears are dominating, and traders should be cautious when trading UNI. It is recommended to wait until the price finds some stability before entering into any trades. The trading volume is currently at $123 million, while the market capitalization sits at $3.602 billion, with a low of 2.42% at the time of writing.
Uniswap price analysis 1-day chart: Bears maintain a downtrend as prices drop to $6.24
The 1-day Uniswap price analysis indicates the UNI/USD pair is following a downward trajectory and appears to be headed for a bearish breakout. The immediate support level for UNI/USD is now located at $6.14, and if the bears manage to break below this psychological level, we can expect further losses in the Uniswaps price. On the upside, if bulls are able to reverse the current trend, then $6.43 could serve as a resistance level that needs to be breached for any gains to materialize.
The relative strength index (RSI) is currently at 54.76, signaling that the coin is neither overbought nor oversold and could experience more losses. The MACD line has crossed below the signal line, indicating bearishness. whereas the Bollinger band’s average is maintained at $6.017, the upper Bollinger band is touching $6.327, and the lower Bollinger band is touching $5.707.
UNI/USD 4-hour price chart: Recent Updates
Looking at the 4-hour price chart for Uniswap shows that the bears are still in control and there is a strong bearish sentiment in the market. The cryptocurrency has been trading sideways for the last few hours, and a bearish breakout is expected if the price drops below $6.14. The volatility is comparatively mild on the 4-hour chart as the Bollinger bands cover less area and don’t show any considerable change in their movement.
The upper Bollinger band value for the four hours price chart is at $6.497, whereas the lower Bollinger band value is at $5.718. The moving average convergence and divergence (MACD) is bearish and trading below the red signal, while the relative strength index (RSI) has declined to 57.01, indicating that Uniswap’s price could be headed further down in the near term.
Uniswap price analysis conclusion
To conclude, Uniswap’s price analysis confirms bearish momentum, and the price is likely to continue falling in the near future. Uniswap is currently facing a sharp decline in price as the bears’ target is to break the psychological level at $6.13. The technical indicators are turning bearish, suggesting that further downside pressure could be on the cards. Traders should wait for a confirmed breakout before entering any trades.
