Recent Uniswap price analysis is bearish as the price has further declined today. The price levels have reduced to the $6.06 range, and a steady decline in UNI price has been going on since today. Yesterday bulls tried to push the price to $6.79, but bears managed to keep the price in their control, creating resistance at that level.
Currently, Uniswap remains range bound between $6.01 and $6.79 as buyers struggle to take control of the market from sellers. However, it does not look like bulls will be able to break this resistance barrier anytime soon, as bears remain in control.
Given the current market conditions and price action, it is likely that Uniswap will remain sideways for now. However, if buyers manage to take control of the market, UNI could see an explosion in its prices. Until then traders should keep a close watch over the UNI/USD pair to stay up to date on any fluctuations.
UNI/USD 1-day price chart: Uniswap loses more than seven percent
The 1-day Uniswap price analysis shows the cryptocurrency is following the downtrend again, as bears have regained their momentum after just a few hours of bullish activity. The coin value has started to decline again as it has reached $6.06, losing more than 7.34 percent value. The market cap for Uniswap is currently at $4.67 billion, showing a loss of more than 7.45 percent million in the last 24 hours. However, the trading volume has increased to $4.56 billion, indicating that traders are still actively involved in UNI/USD trading.
Looking at the relative strength index (RSI) and the moving average convergence divergence (MACD) indicators, both show bearish signals. The RSI is below 65 and falling further, while the MACD line is under the signal line in the negative zone. The moving average (MA) is at the $6.29 mark, far higher than the current price level and also above the SMA 50 curve.
Uniswap price analysis: Recent developments and further technical indications
The 4-hour Uniswap price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $6.06, as the trend remained bearish for today after the last bullish activity yesterday. The selling pressure is high in the market, as the immediate resistance level is at $6.79 and the support level is established at $6.01.
The technical indicators also show a downward trend for Uniswap today. The RSI is currently on the decline, moving towards the 50 level, while the MACD line is below the signal line. The volatility in the prices of UNI/USD has increased significantly recently, which can be seen from the ATR indicator as well. The bearish momentum seems to be intensifying in the upcoming hours, as the moving average (MA) is also at a greater height as compared to the current price, i.e., $6.19.
Uniswap price analysis conclusion
The Uniswap price analysis shows the bearish pressure continued for today as well, which decreased the price levels to the recent price level of $6.06. The bearish trend seems to be extending in the future, and we expect UNI to continue downside for the upcoming hours.
Source: https://www.cryptopolitan.com/uniswap-price-analysis-2023-01-19/