Bearish swing results in UNI correcting down to $6.36 – Cryptopolitan

Uniswap price analysis for today indicates a bearish swing as the UNI/USD pair is seen correcting down to $6.36. The pair has been struggling to break through strong resistance levels of $6.48, failing to remain above this level for more than an hour in the past 24 hours. At the time of writing, UNI/USD has retraced down to $6.36 following a correction from the highs of $7.03 earlier this week. 

The pair is expected to find support at levels of $6.28, where it has bounced off in the past few days. If buyers can break through resistance at $6.48 and drive prices higher, UNI/USD may continue to move higher in the near future.

Uniswap price analysis 1-day chart: UNI/USD levels stumbling again

The one-day Uniswap price analysis shows a decrease in the coin value after the bearish return. The bears have made a successful attempt at making a comeback, as the price has decreased up to $6.36 today. Although the past month hindered bullish price movement, as the UNI/USD has been at a loss of 7.01 percent over the last seven days, the situation has been the same today.

This decline is caused in part by a drop of 1.12% in market capitalization and a drop of 8.76% in 24-hour trading volume, to $4,846,577,071 and $81,263,384, respectively. In a downtrend, this decreasing volume could mean that a change is coming soon and that now it is a good time to buy.

The moving average (MA) value is present at $6.42, still a little lower as compared to the current price. The volatility has slightly reduced, and the Relative Strength Index (RSI) is present at 44.69, indicating a bearish market. The Bollinger bands have significantly contracted, and now the UNI/USD value is trading near the lower band. The 20-SMA and 50-SMA are also indicating a bearish market.

Uniswap price analysis:  Bears to remain in control as the pair corrects

The four-hour Uniswap price analysis confirms the downtrend for today. The price went through a steady decline at the start of the trading session, after which the bulls tried to make a comeback but were rejected soon, and the price has been recorded stumbling down again in the last four hours as well. At the same time, the price oscillation has been slow since late at night, which is confirmed by the size of the previous two candlesticks, which are quite small.

Moreover, the moving average value for the four hours price chart is now at $6.39. The slightly decreasing volatility has changed the Bollinger band average to $6.37. The upper Bollinger band value has now moved to $6.47, whereas the lower Bollinger band value has moved down to $6.27. The bearish trend has caused the RSI score to decrease as well. But now, the RSI curve has flattened out, as it is now at index 45.09.

Uniswap price analysis conclusion

The  Uniswap price analysis is dictating a decrease in price up to $6.36. The bullish momentum has subsided, as now the bears are leading the game. The bearish momentum is aggravating, and the support present at $6.28 is still quite low compared to the current price level. However, UNI/USD price may observe a slight reversal at the said support zone.