Uniswap price analysis: Bears drag UNI down to $6.30 as correction looms

The Uniswap price analysis shows the bears have been able to suppress the price levels below the $6.30 level during the latest downtrend. The bears are reigning the price charts as the price has decreased during the day. Currently, it is settled on the $6.30 mark and is expected to decrease to an even lower level in the coming hours as well.

The bullish momentum that was in the market for the past few days appears to be waning now, as the bears could push the price all the way down to $6.28, where the support levels are present. For UNI to break out of this bearish zone, it needs to recover back above the $6.66 mark for buyers to take charge and pull it up further.

Uniswap price analysis 1-day price chart: UNI unable to withstand the bearish pressure

The 1-day price chart for Uniswap price analysis shows the price has decreased quite steadily because of the constant increase in bearish momentum. Bears have been able to decrease the price to $6.30 at the time of writing, and a further decrease is also expected during the approaching hours. The moving average (MA) value is still standing high as compared to the current price of $6.28.

The exponential moving average (EMA) value is also trending downward, with the 20-EMA value at around $6.33, while the 50-EMA is standing right below $6.35. The Relative Strength Index (RSI) of UNI is also in the bearish territory and stands at 38.36, which means that more downtrend action can be expected for Uniswap in the coming hours. The moving average convergence/divergence (MACD) value is also in the bearish zone and has been decreasing since the afternoon.

Uniswap price analysis: Recent developments and further technical indications

The 4-hour Uniswap price analysis is showing signs of bearish activity taking place as the price has decreased to a considerable level. The price is standing on the $6.30 mark at present and is expected to move even lower in the upcoming time period. However, at the beginning of today’s session, the price was hovering around $6.66 and was able to stay above the support level of $6.30 for some time. The bullish momentum, however, could not be sustained, and the bears were able to bring it down quite rapidly after that.

The EMA values are also tracking downward, with the 100-EMA value standing at $6.40, while the 200-EMA is placed at $6.43. The MACD value has also been decreasing for the past 4-hours and is currently in the bearish territory as well. Meanwhile, the RSI value stands at 46.70 and continues to remain in the bearish zone, indicating that further losses are possible in the coming hours.

Uniswap price analysis conclusion

Overall, the Uniswap price analysis shows that bears have been able to drag the price down to the $6.30 level as of now. The bears are continuing to reign on the market and are likely to bring it down further. Therefore, traders should keep an eye on this level for a possible bounce back or break out in either direction.