The most recent Uniswap price analysis indicates that the token has been consolidating around $5.10 after a bearish run in the past few hours. UNI/USD was in an uptrend at the start of the day but has since declined sharply as bears took control of the market. The UNI/USD is down by 2.60% in the past 24 hours with more losses expected in the short term.
Most of the cryptocurrencies today are trading in red with Bitcoin and Ethereum also declining. The UNI/USD price is currently trading above the major support level of $5.05, which may provide some support going forward. The current resistance for the token lies at $5.18, beyond which further gains are possible if bulls manage to push prices higher in the coming hours.
Uniswap price analysis 1-day price chart: UNI price levels decrease after today’s price action
The 1-day Uniswap price analysis indicates a bearish trend for the day as the price has decreased down to the $5.10 level today. The bearish activity has been intensifying for the past few hours and the price is likely to continue declining in the coming days. The 24-hour trading volume for UNI has also declined and is now at $37 million, indicating a lack of liquidity in the market, while the market capitalization stands at $2.9 billion.
The Uniswap price analysis shows that the token has been volatile in the past few weeks and is likely to remain so for the days ahead. The sentiment amongst traders remains bearish, however, if bulls manage to take control of the market prices could see some recovery soon. The moving average convergence divergence (MACD) indicator is showing a bearish crossover and the relative strength index (RSI) reading is currently at a very low level of 41.68 indicating that the bears have taken control of the market and are likely to dominate in the short term. The moving average is at $5.09 which may act as a point of resistance going forward.
Uniswap price analysis: Bears regain control as UNI price slips back
The recent Uniswap price analysis indicates that the bears have regained control of the market, pushing prices low. UNI/USD pair is currently trading near $5.10 and is likely to continue its bearish trajectory in the short term. There have been instances where the bulls have encountered bearish resistance, but nonetheless, the downward trend has been maintained.
The moving average convergence divergence (MACD) indicator is showing a bearish crossover as Negative MACD values indicate that the 12-day EMA is below the 26-day EMA. Negative values increase as the shorter EMA diverges further below the longer EMA. This means downside momentum is increasing. The Moving average (MA) is also sliding downwards, indicating that the bearish sentiment is still present at $5.05. The relative strength index (RSI) reading is currently at a very low level of 48.85, indicating a neutral state in the market.
Uniswap price analysis conclusion
Overall, Uniswap price analysis shows that the token is still bearish and could continue to decline in the near term. Bears are expected to dominate the market, but bulls may resurface if they manage to break above the resistance at $5.18. The buying pressure could increase if the token manages to break above this level, however, the selling pressure is expected to remain strong in the short term. Investors should exercise caution while trading UNI/USD as the token is still volatile and could see a rapid shift in market sentiment.
