Uniswap price analysis reveals that the UNI/USD value has declined steadily over the past few hours. The value has now dipped below the $7.00 level and is currently trading at $6.15. This downward trend will likely continue in the near term as the market remains bearish. The market opened today at $6.45 resistance and slipped to a low of $6.6.15 support in the first few hours of trading.
The digital asset is down by over2.00 percent in the last 24 hours and is currently trading at the $6.00 level. The 24-hour trading volume for UNI/USD is currently at $118 million, and the market cap is at $4.8 billion.
UNI/USD 4-hour price chart: UNI/USD pair in a bearish trend
The 4-hour chart for Uniswap price analysis shows a descending triangle pattern forming with the recent price action. This pattern is considered a bearish indicator, which means that the market will likely continue its downward trend soon. The triangle pattern has been formed by connecting the highs of $6.45 with the lows of $6.15.
The 4-hour chart reveals that the bearish trend will likely continue in the near term as the Moving Average indicator(MA) is below the candlesticks. The MA50 is currently $6.37, and the MA200 is $6.28. Moreover, the Relative Strength Index(RSI) indicator is also in the bearish zone and is currently at 57.74. However, the RSI is close to the oversold region, which could provide some support for prices. The Bollinger Bands on the 4-hour chart are also close, indicating that the market is currently trading in a tight range.
Uniswap price analysis 1-day price chart: Bears take control as UNI prices breach key support at $6.39
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 bull was in control of the market for a brief period as the value surged from $7.00 to $ its current price in a matter of days. However, the bears have taken control of the market since then and have pushed prices lower. Today the UNI/USD is likely to continue its downward trend as the market remains bearish.
The Upper Bollinger Band is currently at $6.45, which acts as immediate resistance for the price, and the Lower Bollinger Band is at $6.15, which might act as immediate support for prices in case of a bearish breakout. The Moving average indicator is currently in the bearish zone, indicating that the market is likely to continue its downward trend soon. Moreover, the RSI indicator is also in the bearish zone and is currently at 44.87.
Uniswap Price Analysis Conclusion
In conclusion, Uniswap price analysis deduces that the bears are currently controlling the market, but the bulls are trying hard for a comeback. UNI/USD might undergo a bearish breakout in the near term as the market remains bearish. Both 1-day and 4-hour timeframe charts are in the bearish zone, which indicates that the market is likely to continue its downward trend.
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Source: https://www.cryptopolitan.com/uniswap-price-analysis-2022-09-30/