Uniswap price analysis shows a strong bearish trend, as the price chart displays a continuous bearish curve. The selling activity is intensifying, which is why the coin value underwent a massive reduction in the past few hours. The market had followed a bullish trend in the past few hours, as the price levels hovered around $5.39, the support level for UNI/USD. However, as the bearish pressure is building up in the market, resistance has now moved down to $5.49.
The Altcoin is down by over 1.54% in the past few hours, and it is showing no signs of a recovery anytime soon. The 24-hour trading volume is currently at $82 million, which is quite low for the coin, and the market cap value has dropped to $4.09 billion.
UNI/USD 1-day price chart: Bears are adamant as they push prices below $5.30
The 1-day Uniswap price analysis chart shows that the market is bearish as the bears have taken control after the buyers failed to push prices back above $5.39. The market showed a bearish inclination today, as the price levels might drop up to $5.30, which is considered to be the strong support level in the market. The moving average (MA) value in the one-day price chart stands at $11.340 point.
The volatility is increasing, which means that the bearish wave is likely to expand in the upcoming days. If we talk about the upper and lower Bollinger bands indicator’s values, the upper band shows $5.49 figures, whereas the lower band shows a $5.30 value. The Relative Strength Index (RSI) score has dropped below the under-bought limit as well, ie, 43.15.
UNI/USD on a 4-hour price chart: Price sitting near $5.39
The hourly Uniswap price analysis shows a considerable decrease in UNI/USD price has been observed during the last 4 hours. The price breakout was upwards, but it started to move downwards after the market was resisted by bears. The moving averages’ values in the 4-hour chart stand at $5.42 which indicates that the price might reach this level in a short span of time.
The Bollinger bands are trending downwards on the 4-hour chart, which is an indication that the market is bearish at present. The upper Bollinger band is showing $5.63 values whereas the lower Bollinger band shows $5.17 figures indicating that the market might go below this level in a short period of time. The RSI index in the 4-hour price chart stands at 49.31, which indicates that the current selling pressure is stronger than buying activity and may continue for some time.
Uniswap price analysis conclusion
Overall, it seems that the bearish pressure in the Uniswap market is intensifying, as the price levels are dropping rapidly. As a result of this, we can expect further sell-offs and price drops in the near future. Bulls and bears are locked in a fierce battle, but it is likely that the bears might prevail as they seem to be more aggressive in pushing prices further downwards.
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