UNI/USD pair testing the previous support line at $7.2

Uniswap price analysis for today reveals Uniswap (UNI) has seen a slight pullback from its all-time highs set earlier this week, with the token currently trading around $7.50.Uniswap prices are likely to test the $6.96 support level in the near term before potentially resuming their uptrend. The immediate support for UNI/USD pair is seen at the $7.2 level. Below this, the next support is seen at the $6.96 level. On the other hand, resistances are seen at $7.80 and $8.00 levels.

Uniswap prices have been hovering around a range of $7.50 to $8.00 for the past few days as the token struggles to maintain its bullish momentum from earlier this week. The recent rejection at $7.4 could be indicative of a bearish trend starting to form, with prices now testing the previous support line around $7.2. A break below this level could see UNI prices falling towards the $6.96 support level. On the other hand, if prices manage to hold above $7.2, we could see UNI prices resume their uptrend and test the $7.80 resistance level once again.

Uniswap price action in the last 24 hours: Bears take control after rejection at $7.4

The Uniswap price has seen a slight pullback from its all-time highs set earlier this week and is currently trading around $7.50. UNI prices hit a high of $8.00 on Wednesday before encountering selling pressure and falling back below the $7.80 level. Prices continued to fall throughout the day and found support at around $7.2 before stabilizing in the past few hours and now they are seen to rest at $7.2 currently. The trading volume for the UNI token is now at $284,015,567.61 while the market capitalization is $5 billion. The Token ranks number 25 in the digital assets market as occupies 0.31 percent.

The technical indicators on a 1-day price chart for UNI/USD pair show the formation of a bearish trend as prices continue to fall after the recent rejection at $7.4. The MACD is currently in bearish territory and is below the signal line, indicating further downside momentum. The RSI for UNI/USD is also falling and is currently trading below 50, which is a bearish sign. However, the stochastic indicator is currently in the oversold territory and is starting to turn up, which could be indicative of a potential near-term rebound in prices.

Uniswap price action on a 4-hour price chart: Bearish trend starts to form after the recent rejection of $7.4

The 4-hour price chart for UNI/USD pair shows that prices have been on a declining trend in the last 4 hours as a bearish trend starts to form. Prices are down by over 2 percent in the last 4 hours as the token fell from $7.42 to its current price of $7.3. The MACD line is crossing the red signal line to the downside, indicating a bearish trend. The RSI is currently trading around 47 and is headed towards the oversold territory. The stochastic indicator is also in the oversold region and is starting to turn up, which could be indicative of a potential rebound in prices.

The medium-term outlook for UNI/USD is bearish as the token struggles to maintain its upward momentum. Prices are currently testing the $7.2 support level and a break below this could see prices falling towards the $6.96 support level in the near term.

Uniswap price analysis conclusion

Uniswap price analysis shows a downtrend as bears continue ruling the market, however, the oversold region in the 4-hour chart could be a sign of a rebound. The current market trend is likely to set UNI prices to trade below $7.0 in the next few hours in case of a bearish breakout. On the other hand, if buyers manage to push prices above $7.4, we could see UNI prices resume their uptrend and test the $8.00 resistance level once again.

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