According to the analysis of Uniswap’s price, there has been a negative trend in the market due to increased selling pressure that occurred earlier today.
UNI/USD pair has decreased from a high of $6.43 to a low of $6.35, which is the current pricing.
Although UNI/USD rose to $6.43 at the beginning of the day, it has subsequently been falling. The price has fallen below the $6.31 support level as a result of the bears, and this could signal further drops in the near term. The $6.43 level for UNI/USD represents resistance, hindering upward advances. Uniswap is trading in the red, and there appears to be significant selling pressure.
The current Uniswap 24-hour trading volume is $91 million, which shows the market is very liquid. Since the market cap is $4.84 billion, any market fluctuations will be extremely volatile.
Uniswap price analysis 1-day chart: Bears in control as UNI dip below
The UNI/USD pair has lost over 1.25 per cent of its value over the past day, as seen by the bearish trend on the 24-hour price chart for Uniswap price research. During the past several hours, the price has fluctuated between $6.31 and $6.43, and the bears have succeeded in driving it below the $6.31 support level. The next support level, which may serve as a stopgap if the price declines further, is predicted at $6.25.
Relative Strength Index (RSI) data for UNI/USD indicates that selling pressure is intense and has lingered above the oversold region since this morning. As the 50 and 200 MA lines are heading downward, the moving average (MA) also points to a bearish trend in the market. Moreover, the UNI/USD Bollinger bands have been narrowing, which denotes a time of low volatility.
Uniswap price analysis 4-hour chart: Recent developments
The UNI/USD pair has been drifting downward since this morning, according to the most recent changes in Uniswap’s price analysis, with the market making lower lows and lower highs. As additional sellers enter the market, the UNI is currently down 0.83 per cent and trading at $6.31. Although it is trading above the $6.374 price level, the moving average (MA) is still heading downward with the declining price.
The Bollinger bands are narrowing, and the UNI’s volatility has lessened. The top and lower bands are currently at $6.471 and $6.133, respectively. Since early in the day, the relative strength index (RSI) has declined and is trading at 53.
Uniswap price analysis conclusion
The analysis of Uniswap’s price indicates that the market is experiencing a bearish trend. As a result, the UNI/USD crypto pair’s price is expected to decline today. The cryptocurrency has already suffered significant losses earlier today, and its value is anticipated to continue to decrease in the upcoming hours.
