UNI obtains bearish momentum at $5.18 – Cryptopolitan

The Uniswap price analysis is moving in a negative direction with bearish momentum. Currently, the UNI/USD pair is trading at $5.18 and has dropped from a high of $5.30 to its current level. The bearish momentum is likely due to weak investor sentiment and the overall decline in the cryptocurrency market.

The resistance for UNI/USD is present at $5.30, while the support is strong at $5.17. If Uniswap’s price fails to break through this level, it could continue its bearish trend and reach its next support at $5.15 or lower. Meanwhile, if the price manages to break out of this resistance and move toward higher levels, it could see an appreciation in value.

Uniswap price analysis 1-day price chart: Price yet trading in the red candlestick

The 24-hour Uniswap price analysis shows that an abrupt fall in UNI/USD price has been recorded in the last 24 hours, as the price descended to $5.18. Although the trends varied continuously in the past few weeks, today’s trend has proved highly supportive for the bears. At the same time, the UNI has dropped by a huge 1.47 percent. The price chart shows red candles, which indicates that the bearish momentum is likely to continue in the coming days.

The moving average indicator is present at  $5.21, while the relative strength index (RSI) indicator is moving slightly above its average but still in the bearish territory at 43.44. This shows that the market sentiment is still weak and UNI/USD price may not jump anytime soon. The moving average convergence divergence (MACD) indicator is also in agreement with the bearish sentiment, as it has moved below the zero line.

UNI/USD 4-hour price chart:  Uniswap price is facing a strong rejection at $5.30

The 4-hour price chart for Uniswap price analysis shows a tremendous decline has been observed in price in the last few hours. The price has slumped to the $5.18 level as the bearish wave has been quite strong in the past few hours. However, there was a bullish pressure that was seen the previous day that rallied the coin up to the $5.30 level, but the bears took control again, and consequently, the price touched a new low.

The Moving Average Convergence Divergence (MACD) indicator is in negative territory, with histogram bars decreasing in size. This shows that the bearish momentum is quite strong here and will continue in the near future. The Relative Strength Index (RSI) indicator, on the other hand, is present at 36.93 points, with no clear signal of either bulls or bears having an upper hand. The moving average (MA) indicator is present at $5.23 points, which is also quite close to the current price levels.

Uniswap price analysis conclusion

Overall, Uniswap’s price analysis shows a bearish trend that could continue in the near future. Bullish and bearish forces are currently in balance, but the bearish pressure is likely to take over in the coming days as the sentiment remains weak. The resistance at $5.30 has been breached multiple times only for bears to bring it back down again. This could mean that UNI/USD pair may stay around its current levels or drop even lower.