Uniswap price analysis is beginning to show bearish signs once again, as price settles into a horizontal pattern below the $10 resistance. UNI has continually failed to breach the $10 mark after reaching as high as $9.80 on July 28, 2022. Since then, price has largely remained bearish. The trend seemed to be changing on August 10, when UNI made a 15 percent jump to reach up to $9.41. The breakout was stemmed quickly as price settled near the $9.23 base and has been trading horizontally since. With current price at $9.03, UNI key support sits at $8.5, whereas a possible breakout past the $10 resistance could extend price up to $13.19 before the next retracement.
The larger cryptocurrency market showed uptrends across the board, led by Bitcoin’s rise up to $24,500 for the first time in two months, with price undergoing a 2 percent increment. Ethereum also pushed towards the $2,000 mark with a 3.5 percent rise. Among leading Altcoins, Ripple rose up to $0.37, whereas Cardano jumped 5 percent to reach up to $0.56. Dogecoin rose 3 percent to move up to $0.07, while Solana and Polkadot jumped up 4 percent each, to settle at $46.69 and $9.37, respectively.
Uniswap price analysis: Uni moves into a horizontal trend on the 24-hour chart
On the 24-hour candlestick chart for Uniswap price analysis, price can be seen moving into a horizontal trend to depict bearish behaviour around the $9 price mark. UNI has seen similar instances of extended sideways trend earlier in the month around the same price point. It remains to be seen if bulls can conjure a breakout from this pattern, otherwise, UNI could retrace down to support at $8.5. Price currently remains in touch with the crucial 50-day exponential moving average (EMA) at $8.94.
The 24-hour relative strength index (RSI) can be seen declining after reaching up into the overbought region at 60. The loss in market valuation can also be seen in a 7 percent drop in trading volume over the past 24 hours, suggesting that the majority trend in the market is bearish. The moving average convergence divergence (MACD) curve also shows the same indication as it forms lower lows below the neutral zone. UNI price will need to secure the $9 price mark over the coming 24 hours. Any movement towards $8.5 support could trigger further losses.
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