The latest Uniswap price analysis shows a significant bearish trend as sellers predominated the market over the day. The price of the coin has once again fallen to $5.38, but when the price hit a low, support appeared, and the bulls are now aiming to drive the price levels up once more. The price is trading downward and there is general selling pressure, which is terrible news for cryptocurrency.
The support level at $5.37 has been tested several times, but the bulls were unable to push the price up. If the selling trend persists, possibilities of a future decline might be expected. Resistance is also present at $5.66 which was observed in the early hours of trading. The bears have been having a strong grip on the market and this could be an indication of further decline in price levels.
Uniswap price analysis 24-hour chart: UNI steps down to the $5.30 range
According to the 24-hour chart for Uniswap price analysis, the token has been trading in a downward trend. The price of UNI has fallen to the $5.30 levels and is struggling to break out of this range. There is significant resistance at the $5.60 range which failed to break through earlier this morning when it tried to turn bullish once again.
The chart shows that sellers have been in control of the market throughout the day and as a result, the price has been on decline. The Bolinger bands have also widened, which shows increasing volatility in the market. The MACD indicator has a value below zero which is also bearish since there has been a significant amount of selling pressure. Furthermore, the RSI indicator is heading to oversold levels, which indicates that buyers should be cautious about entering the market.
UNI/USD 4-hour chart: Recent developments and further technical indications
Uniswap price analysis on the 4-hour chart shows that the price is still on a downward trajectory. The recent developments and technical indications suggest that the market might be heading to a further drop in terms of price action. The market cap has decreased to $3.10 billion and the 24-hour trading volume is now at $460 million. The bearish trend is expected to persist in the near future as sellers remain in control of the market.
The technical indicators in this timeframe show that the trend is still highly bearish. The Moving Average Convergence Divergence (MACD) indicator is still in negative territory and is moving downwards. The Relative Strength Index (RSI) is close to the oversold level with a value of 39.66, which suggests that buyers should tread cautiously.
The Bollinger band shows the volatility has crossed the normal range and is heading toward further levels of expansion. The upper band is located at the $6.33 level, which could be seen as a target if the buyers are able to make gains in the market while the lower band is at $4.98 which could be seen as a support level.
Uniswap price analysis conclusion
Uniswap price analysis is pointing towards a bearish trend in the near future as sellers remain in control of the market. The current support level has been tested multiple times but buyers were unable to break through the resistance levels and continue their push. The technical indicators on both the 24-hour and 4-hour charts suggest further declines, so traders should tread cautiously when entering into new positions.
