The recent Uniswap price analysis shows a price decline of 0.50% to $5.26 after a bearish turn in the market sentiment. UNI has started its trading session on a bearish note and is struggling to break the $5.40 resistance level. Currently, UNI has formed a higher-high pattern in its price chart before giving up its gains and moving downwards.
The market is witnessing a pullback in the price of UNI, which indicates that sellers are currently dominating the market. The bears could further push the price down to $5.25 if UNI fails to break above key resistance levels at $5.40 and $5.50. However, if the buyers manage to break resistance levels, UNI could jump up to $5.60 and further beyond.
UNI/USD 24-hour price chart: UNI bulls face strong resistance at the $5.40 mark
The 24-hour chart for Uniswap price analysis shows that the bulls are overwhelmed by the bears and are having difficulty breaking the $5.40 resistance level. The bulls have been in the lead since morning, but the bears have taken over in the past few hours. UNI’s trading volume indicates a loss of momentum in the market as it has reduced to $36,454,232 showing a loss of 6.45%.
The MACD indicator is giving a bearish signal as it moves below the zero line, indicating that the sellers are gaining traction and could push UNI/USD down to $5.25 in the coming session. The Relative Strength Index (RSI) has started dipping towards the oversold region, which also suggests bearishness in the market.
Moreover, the Bollinger Band widen structure has started to compress, indicating that the market is becoming less volatile. The upper band at 6.32 represents the resistance level, while the lower band at $4.94 indicates support for UNI/USD pair in this bearish market scenario.
Uniswap price analysis hourly chart: Bears are dominating the market
According to the hourly chart Uniswap price analysis, the bears have taken control of the market after the selling pressure increased later in today’s session. The hourly chart is showing a downward channel pattern, which suggests that the bears are in full control and UNI could face further losses.
The MACD is giving a bearish signal as it moves below the zero line, while the RSI has sharply sloped from the neutral region heading below indicating that selling pressure is high in the market. Additionally, the Bollinger Bands have squeezed in the past few hours, showing a low degree of market volatility.
Uniswap price analysis conclusion
Overall, Uniswap’s bearish market sentiment is increasing as the price fails to break above the $5.40 resistance level. The hourly chart shows a downward channel pattern, which suggests that UNI may face further losses in the coming session. Therefore, investors should exercise caution while trading in the market as bears are dominating and could push the price further downwards.
