Uniswap price analysis: Bears overtake bullish momentum to push UNI below $4.79

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Uniswap price analysis is indicating a drop in prices after a brief bullish move yesterday. The bears are back in charge as the token price trades below $4.79. The Uniswap market opened the day on a positive note as the bulls pushed the price from an intraday low of $4.74 to an intraday high of $4.95.

This price increase was short-lived as the market pulled back and found support at $4.74. The market has been on a downward trend since then as prices fell below $4.79. The price has decreased by 1.47% over the last 24 hours and is currently trading at $4.79. The market capitalization is $3,515,003,388 with a 24-hour trading volume of $82,531,505.

UNI/USD 1-day price chart: Price on the downtrend again as bears intervene

The 1-day Uniswap price analysis shows that the market has been on a downward trend since yesterday after the bulls failed to sustain the price above $4.95. The market is currently facing resistance at $4.95 and a break above this level could see the price target to $5.18. On the downside, support is present at $4.74 and a break below this level could see the price target to $4.55. The volatility is high as the Bollinger Bands have expanded. This has led to the upper Bollinger band reaching a high of $5.03 and the lower Bollinger band reaching a low of $4.69.

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UNI/USD 1-day price chart, Source: TradingView

The Relative Strength Index is near the overbought region as it trades at 66.07 and this could lead to a decrease in prices. The Moving average Convergence Divergence is close to the zero line as it trades at 4.59 and this indicates that there is no clear trend in the market. The 1-day MACD histogram is showing a decrease in bullish momentum as the fast-moving line crosses below the signal line.

Uniswap price analysis on a 4-hour price chart: UNI/USD bears take control of the market

The 4-hour chart for Uniswap price analysis shows that the bears are maintaining their lead quite impressively, as the price has undergone a decrease today as well. The price is now trading at the $4.79 level and is expected to go down from here soon. The short-term trending line is also moving downwards, which indicates a major bearish sign.

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UNI/USD 4-hour price chart, Source: TradingView

 The MACD indicator is also in the bearish zone as the signal line has crossed below the fast-moving line. This indicates that the price might decrease even further very soon. The 4-hour RSI indicator is currently at 61.62 and is slowly approaching the overbought region, which might act as a major bearish sign for the market in the future. The Bollinger Bands have expanded, which indicates high levels of volatility in the market.

Uniswap price analysis conclusion

To conclude, Uniswap price analysis shows that the overall market trend seems to be bearish as the price is not sustaining at higher levels and keeps going down. The 4-hour chart also supports this claim as it indicates a bearish crossover which might lead to further decreases in the near future. However, one cannot predict the market movements with complete accuracy and hence, one should always trade with stop losses in place.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.