Uniswap price analysis shows a bearish continuation as the bulls struggle to regain momentum in the market. The price is currently trading below the $5.35 resistance level and looks vulnerable to further losses if this level fails to hold up. The technical indicators are also bearish for UNI, indicating that sellers have a stronger bias over buyers in the near term. UNI market sentiment has dropped by around 0.88 percent and is trading below the $5.30 level. The 24-hour trading volume has increased by over 10.34 percent and is now $37 million, while the market capitalization is currently at $3.06 billion.
Uniswap price analysis 1-day price chart: UNI/USD facing rejection at $5.30
Uniswap price analysis reveals UNI opened the daily trading session at an intraday low of $5.3411 and has since moved sideways forming a descending triangle pattern. Looking at the market volatility, the prices have made minor price fluctuations, indicating the overall trend is bearish. The Bollinger bands are also converging, which is a sign of low volatility. The upper limit is currently at $6.421, while the lower limit is at $4.948.
The moving average indicator also supports this trend as the 50-day MA has crossed below the 200-day MA, indicating a bearish crossover. The relative strength index (RSI) is currently at 37.46, which indicates that the bears are still in control of the market. The RSI’s downward slope indicates the selling pressure and activity that are now present in the market.
UNI/USD 4-hour price chart: Latest development
Uniswap price analysis reveals that the price broke down to the downside today and is still breaking down as of now, with the UNI/USD pair trading at $5.30 as of this writing. The support for the coin is found at $5.20, while the resistance can be found at the $5.35 level. On the upside, if UNI manages to break above the strong $5.35 resistance, it could send the price toward higher levels in the near term. On the other side, a breakdown below the $5.20 support could see further losses for the coin and possibly even extend to its previous lows of around $5.12.
The relative strength index (RSI) is currently at 44, which suggests that the price is neither oversold nor overbought. The Bollinger band indicator’s bands are slowly decreasing, which indicates that volatility is steadily decreasing. The lower band is at $5.187, and the upper band is at $5.463. The moving average indicator is currently at $5.280, indicating a decrease in the market.
Uniswap price analysis conclusion
To conclude, the Uniswap price analysis indicates that the bears have taken over the market and are in control. The market is expected to continue its downtrend as the sentiment in the market remains negative. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.
