According to the latest Uniswap price analysis, the UNI/USD pair has dropped below $5.46 as the crypto market currently favors bearish sentiment. Yesterday’s trading session closed with a sharp drop in price which has continued on into today’s session despite the bulls having a dominant session yesterday.
The bullish pressure yesterday had pushed the price up to $5.67 before resistance set in and UNI/USD declined. The pair is currently trading around the $5.40 region, which shows a decrease of 2.76%. The immediate support level is at $5.19, which will cap the downside if it breaks.
The total market capitalization of Uniswap stands at over $3.15 billion and the 24-hour trading volume of the crypto asset is currently around $85 million. The market cap has seen a drop of 2.63 percent while the trading volume is on the increase as it records a 42% gain showing the buying pressure is still present in the UNI market.
Uniswap price analysis 1-day chart: UNI face resistance at $5.69 as bears hold
The daily chart for Uniswap price analysis shows the bears dominating the market. The bulls had the upper hand when UNI opened its trading session as they surged UNI from the support level and touched the $5.50 mark before the bears set in and pushed UNI back to $5.40 again.
On the technical indicators, the MACD is bearish and shows that selling pressure is dominating the market. The MACD line is below the signal line and the histogram is in red which shows a bearish trend. Similarly, the RSI has also dropped below 40 with a value of 38.74 implying UNI may continue to drop further if the bulls cannot regain the upper hand. The moving average (MA) indicator is dropping as well showing that the bearish trend is likely to continue for some time.
Uniswap price analysis 4-hour chart: Recent development and further indications
On the 4-hour chart, Uniswap price analysis shows the bearish trend is still in play as the price has been stuck within a range of $5.35 and $5.50 as it searches for a clear direction. The bulls are bears are fighting for control of the market, but it appears that the bulls are slowly gaining momentum.
The technical indicators in this timeframe are also showing a bullish comeback bias. The MACD line is above the signal line and if the bulls take control it will move higher. The RSI has also moved up from 30 and now above 40 levels with a value of 46.83 showing that buying pressure is increasing. The MA is also trending upwards indicating further bullishness in the market.
Uniswap price analysis conclusion
In conclusion, Uniswap price analysis reveals that the bears have taken control of the market as UNI/USD dropped to $5.46. The resistance at $5.69 is still standing strong, although the technical indicators are showing signs of a possible bullish comeback. If the bulls can take charge and push the price above $5.69 then further gains might be seen in Uniswap prices in the near future.
