Uniswap price analysis: Bearish market conditions caused UNI’s value to dip down to $6.16


Uniswap price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bulls were in the winning position, the bears currently hold control and the price is trading in a narrow range of $6.09-$6.27 for the last in hours. The UNI/USD is down by 1.47 percent at the time of writing and the market cap is at $4.70 billion. The 24-hour trading volume is recorded as $70.21 million.

UNI/USD 1-day price chart: Uniswap price is being rejected at $6.27

The one-day Uniswap price analysis chart shows a bearish market condition, which has resulted in the price dipping down to $6.16. The price is currently being rejected at $6.27 and if it fails to break above this point, further losses are expected as there is heavy selling pressure. The moving average on the daily chart is currently at $6.36 and is providing strong support to the price.

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

The Relative Strength Index is near the oversold region, showing that the bears are in control as the sell-off continues. The upper Bollinger band is indicating a possible price reversal and could act as a key resistance level, while a lower Bollinger band could provide support to the price.

Uniswap price analysis 4-hour price analysis: Latest developments

The 4-hour Uniswap price analysis confirms the downtrend as the price has been trading below the $6.27 level for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $6.27, which is a sign of weakness.

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

The RSI indicator is currently at 68.04 and is heading toward the oversold region, which is a sign that the sell-off might continue in the market. The market is currently trading below the Moving average, which is a sign that the bears are in control. The upper Bollinger bands have been breached, and it is currently at $6.43, and the lower limit is at $5.70.

Unswap price analysis conclusion

The Uniswap price analysis suggests that UNI performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 24 hours. However, if the rejection is present at $6.27 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then UNI may step down into the $6.09 range.

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