The recent Uniswap price analysis shows a bearish drift after a brief period of consolidation, as the price dropped from around $5.59 to its current level of $5.51. Bullish efforts observed during this time were weak and could not sustain the bearish pressure. The selling pressure is mainly attributed to the bears that are driven by weak demand.
The support level for the UNI/USD pair is present at $5.46 while the resistance level is present at $5.59. If the price breaks above the resistance level, bullish momentum may be seen in UNI. On the other hand, if the support level holds, then UNI will continue trading in a sideways range between these two levels and any further bearish pressure could result in a further decline for UNI.
Uniswap price analysis daily chart: Bulls to hold on to $5.46 support
The one-day Uniswap price analysis confirms a strong bearish trend for today as the coin value has undergone a considerable decline during the last 24 hours. The selling pressure remained persistent throughout the last few hours. currently, the market is again in support of the bears as the price has decreased up to the $5.51 level. In this way, it has reached near the lower limit of the volatility indicator again, and the moving average (MA) has been left far below, which is currently $5.49.
The volatility is low and the Bollinger bands are stretching, indicating that a breakout either way is possible. The upper Bollinger band is located at $6.52, and the lower Bollinger band is located at $5.14. The Relative Strength Index (RSI) score has reached index 41.62 and might soon enter the oversold zone as well if the selling pressure continues.
Uniswap price analysis: Recent developments and further technical indications
The hourly Uniswap price analysis shows a dramatic drop in price levels which intensified during the last four hours. The price breakdown was also downwards today, but bulls also tried to make a comeback late in the afternoon but were rejected after minimal efforts. A sharp decrease in price levels has been observed just recently as bears crashed the price down to $5.51. This sharp decline has come after prolonged efforts to maintain the price levels of the coin.
The volatility is slowly decreasing on the 4-hour chart as the upper curve of the Bollinger bands is now converging downwards at the $ 5.64 mark. At the same time, the lower band is maintaining its position at the $5.29 mark below the price level. The RSI is also at a steep downward curve at the 52.00 mark which could indicate a possible bearish trend and further selling pressure. The moving average indicator is also showing signs of a bearish downtrend, as the coins are below the $5.52 mark.
Uniswap price analysis conclusion
Overall, Uniswap prices have taken a downtrend and bears remain in control of the market currently. The UNI/USD pair is trading at the support level of $5.46 and if bulls manage to gain some traction, then we may see a rise in prices up to the resistance level of $5.59. The current market conditions suggest that the price will remain range-bound for now and further bearish pressure could lead to a further decline in price.
