Uniswap has been caught in a bearish spell for quite some time. It has been holding at $5.29 after losing 0.69% in the last 24 hours. Bearish sentiment around Uniswap is likely to continue if the $5.38 resistance level holds. The altcoin is expected to retest the support at $5.22 if there is a price drop.
Uniswap for the past few hours has been trading between $5.22 and $5.38, with no clear direction. But trading volume is picking up, its 24-hour volume stands at $46 million. According to the 4-hour price chart, UNI is trading in a descending channel formation. Prices are moving towards lower highs and lower lows. Moreover, the bullish momentum is increasing as prices hover around the $5.24 mark.
Plus, the relative strength index (RSI) is declining because of the current bearish spell and currently trading at 38.33. The MACD is also declining and trading below the signal line given the bearish pressure. As for the 50-day moving average, it’s holding at $5.35 while the 200-day moving average is at $4.92; this shows that the UNI prices could retest $5.22 support. Uniswap is also seeing signs of recovery after the bears took over. The crypto market saw optimism from buyers as UNI has been sustaining its price levels. The price witnessed an uptrend when the bulls made a comeback.