Uniswap price analysis: Bullish momentum fades as bearish pressure persists
Uniswap price analysis reveals that the bearish pressure is persistent despite a brief period of bullish momentum. After peaking at $8.00, UNI/USD has fallen steadily to its current low of $7.07 due to the increasing bearish pressure in the market. The chart shows that there is resistance at $17.42 and if this level holds, then further declines could be expected. However, if the bulls are able to break this level then it could open up a path for further gains.
The crypto-sphere is experiencing a downward slide today, with bearish forces at play. The majority of cryptocurrencies, including Bitcoin, Ethereum, and most of the top altcoins, are all under heavy correction, thus dragging down Uniswap’s price.
Uniswap price analysis 1-day price chart: UNI breaks below $8.00
The 24-hour Uniswap price analysis shows a decline in price today after t continuous bulls rally. Price is decreasing gradually as bears get hold of the market. The past few hours proved insignificant for the cryptocurrency. Selling pressure is also increasing as traders book profits from the start of the trading session. On the downside, good support is still visible at $7.00, which could help UNI/USD to bounce back and make more gains in the short term.
The RSI indicator is also heading towards the oversold region as sellers are in control over the market. A bearish crossover is also observed on the MACD indicator, which indicates more downside pressure in the coming days. The 50-day EMA has given a sharp reversal from the $6.88 level, and it could prove to be an ultimate hurdle for bulls trying to get back into control. The 20-EMA is also heading downwards, which indicates further bearish momentum in the market.
UNI/USD 4-hours analysis: Recent developments and further technical indications
The 4-hour Uniswap price analysis shows bears are in reign from the start of the day without any interference from the buyers’ side, as a red candlestick is indicating a decline in the price level. Earlier this week, bulls showed good performance and dominated the price charts, but the current market sentiment suggests bearishness is gaining more traction.
Looking at 4-hour technical indicators, the 100-EMA and 200-EMA are both pointing downwards, which indicates a bearish outlook. The RSI has also dropped to 48.88 and is heading further down, suggesting an oversold situation for the UNI/USD pair. The MACD indicator is showing a weak bearish momentum as the histogram bars are attaining shorter depths with each passing bar. It signals that the downward pressure is going to be weak in the upcoming hours at $7.07 and can test support at $7.00.
Uniswap price analysis conclusion
In conclusion, Uniswap price analysis shows that the UNI/USD pair has dropped down to the $7.07 level, and bearish sentiment has taken over the market. The support is still visible at $7.00, which could help the cryptocurrency to bounce back in the short term. However, bearish momentum is likely to remain strong in the near term and can test support at $7.00 soon.
