Uniswap price analysis shows a bearish trend that has brought the UNI/USD value down to $8.28. The market had a breakout to the upside that found resistance at $9.10, which has caused the market to roll over and head back down. The market is trading below the $8.13 level, which is a key support area that was broken yesterday. If the market can hold above the $9.10 level, there is a chance for the market to find support and move back up. However, if the market breaks below the $8.13 level, it is likely to head towards the $7 level.
The overall market for the UNI/USD pair is in decline as selling pressure intensifies. UNI/USD pair is showing a solid bearish momentum as the digital asset declined by nearly 6.52percent in the last 24 hours. The pair had earlier spiked to $9.10 but the bulls could not sustain the uptrend and the prices pulled back below the key support at $8.13. The market cap for the digital asset is currently at $6,158,062,790, which is ranked at the 16th position in the overall market, and the trading volume in the last 24 hours is $273,683,245.
Uniswap price on 1-day analysis: UNI/USD pair in a bearish trend
The Daily chart for Uniswap price analysis shows that the coin is following a clear downtrend as it has made lower lows and lower highs. The prices have been stuck between $8.13 and $9.10 for some time now, but a bearish breakout has occurred, which has brought the prices down to the $8.28 level.
The 50-day MA line is currently at $7.21 and the 200-day MA line is at $7.83, which shows that the market is in a bearish trend in the long term. The RSI indicator is currently at 32.46 and is heading lower, which shows that the market has further to fall. The MACD indicator is also in bearish territory and is heading lower.
Uniswap price on 4-hour analysis: Recent development
On the 4-hour chart, Uniswap price analysis has formed a bearish flag pattern which is a continuation pattern that is likely to see the market head lower. The UNI/USD pair has been descending since it reached the $9.10level and has found support at the $8.13 level, which is a key level to watch.
The market is currently below the 50-day MA line and the 200-day MA line, which shows that the market is in a bearish trend in the long term. The RSI indicator is currently moving below the 50 level, which is a bearish sign. The Moving average convergence divergence (MACD) indicator is below the zero line and is heading lower, which is a bearish sign.
Uniswap price analysis conclusion
Uniswap price analysis shows that the UNI/USD pair is in a bearish trend as prices decline below the $8.13 level. Prices have recently found support at the $8.13 level as buyers step in to defend this key level. The market is highly volatile as prices fluctuate in a wide range. The bulls are seen to be stumbling to defend the $ 8 level as selling pressure intensifies. The bears are seen to be in control of the market as they aim to push prices lower.
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Source: https://www.cryptopolitan.com/uniswap-price-analysis-2022-08-01/