After gaining 10% in the past week, the Uniswap price is showing a bearish character. When the selling pressure set in, the bears started to pull down the price.
Currently, Uniswap is trading at $6.35. The altcoin is down by 3.40% in the last 24 hours. Charts show an intraday low of $6.35 and a high of $6.62. These levels are also acting as support and resistance. The bearish mark has been there throughout the day. UNI’s sellers have outpaced the buyers.
Moreover, the bearish trend is stopping the altcoin from making further gains. Initially, there was a negative price movement when sellers rushed to sell their coins. This prompted the price to drop. However, the bulls strengthened and pushed the price to $6.62. This was followed by a tough battle between the bulls and the bears, amid the strong presence of buyers.
UNI’s volatility is high as the upper Bollinger band stands at $6.81 and the lower band is at $4.78, while the moving average is below the price level at $6.30. Furthermore, Uniswap’s relative strength index is at 63.36. It shows the momentum is still bearish and suggests a short-term downward trend in the near future. Uniswap fell below $6.39 due to the prevailing bearish sentiment. Charts do not show signs of reversal any time soon.