Uniswap price analysis reveals that the digital asset is currently in a bearish trend after it found resistance at the $5.31 level. The bulls were in control of the market yesterday, but the bears took over and pushed UNI below $5.09. The support level remains at $5.03, which is a critical area for the bulls to defend.
If the bears can break below this support level, it could be a sign of more losses to come for UNI. On the other hand, if the bulls can defend this support level and push the price back up, it could signal a trend reversal and the beginning of a new bull run. It is important for investors to keep an eye on the Uniswap price action and watch for any signs of a trend reversal.
The cryptocurrency has a market trading volume which is at $47,296,715, with a market capitalization of $3,877,088,235. The digital asset is currently trading at $5.09, which is a 3.14% decline in the last 24 hours.
UNI/USD 1-day price chart: Bears mount pressure on Uniswap prices
The 1-day Uniswap price analysis shows that the UNI/USD has been on a downtrend last 24 hours. The next few hours of trading are crucial for the market as the market is expected to make a move in either direction. If the bulls can push prices above $5.09, the market is likely to head toward $5.31.
The RSI indicator is currently at 39.55, and it is indicating that the market is in bearish territory as the RSI indicator is below the 50-level. The MACD indicator is currently in the bearish zone as well, which further confirms that the market is in bearish momentum while EMA 10 is below EMA 20.
Uniswap price analysis 4-hour price chart: Recent development and further technical indications
The 4-hour Uniswap price analysis reveals that the market has been on a downtrend in the past few hours as the market found resistance at $5.31. The market is currently trading at $5.09 and is expected to make a move in either direction in the next few hours. The prices are in a declining trendline as well, which further confirms that the market is in a bearish trend with the increased red bars of the candlesticks which affirms the strong bearish spree.
The RSI indicator is currently at 46.07 and is indicating that the market is in the bearish territory as the RSI indicator is below the 50-level. The MACD indicator is currently in the bearish zone as well, which further confirms that the market is in bearish momentum. The Exponential Moving Average is also in the bearish zone suggesting further bearishness in the market.
Uniswap price analysis conclusion
The Uniswap market is currently in a bearish trend and the prices are expected to remain in this downtrend in the next few hours. The market is expected to find support at $4.93 and resistance at $5.31 in the upcoming trading session. Traders should keep an eye on the technical indicators to get a better idea of the market direction.
Source: https://www.cryptopolitan.com/uniswap-price-analysis-2022-12-28/