UNI price drops to $6.10, demonstrating the strength of the bears

Uniswap price analysis for today shows a continued downtrend after opening the market at $6.10. Despite a slight bump in prices in the morning, it quickly dropped to around $6.10 by the afternoon. UNI has been consolidating between 6.08 and $6.10 for the past few days, with no clear directional bias. Resistance for the UNI/USD pair is currently seen at the $6.33 level, while support lies near $6.08. If the pair moves below this level, it could signal a further decline in prices. The digital asset is down by over 3.40 percent in the last 24 hours and is currently trading at the $6.10 level. The 24-hour trading volume for the UNI/USD pair is currently at $77 million, and the market capitalization is now at $4.64 billion.

Uniswap price analysis 1-day chart

The 1-day Uniswap price analysis reveals that the market’s current state shows a negative signal when the price falls. The price has currently dropped by 3.40 percent at the time of writing, with the bears pushing the price to a low of $6.10 in today’s session. The technical outlook for UNI shows a bearish signal as a descending triangle can be seen in the chart with a resistance level at $6.33 and support at $6.08. If the bears manage to break below this region, then we can expect further downside movement in prices. 

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UNI/USD 1-day price chart, Source: TradingView

The market volatility follows a declining movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. The Bollinger band average is now at $6.609, whereas the upper Bollinger Bands value is at $7.336, and the lower Bollinger Bands value is at $5.882.The RSI indicator for the UNI/USD pair is currently at 45.73 which indicates that the market is oversold at the moment and there might be a price rebound in the market soon.t. The MA 50 and the MA 200 are both bearish as they are both below the current market price. This indicates that the bears are in control of the market.

UNI/USD 4-hour price chart: Latest development

Looking at the 4-hour Uniswap price analysis also shows a bearish bias. The price currently holds at $6.10 with the support level at $6.08 and resistance at $6.33. A break above the resistance level could lead to a further price rally, while a break below the support level will see the downward trend continue. The market is currently in a moderate downtrend, and further declines can be expected as the bears are pushing prices lower. 

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UNI/USD 4-hour price chart, Source: TradingView

The Relative Strength Index (RSI) for UNI/USD pair is also in a bearish zone and is currently at 45.32. The Upper Bollinger  Band is currently at $6.566, which acts as immediate resistance for the price, and the lower Bollinger band is at $6.050, which might act as immediate support for prices in case of a bearish breakout. The MA line for the 4-hour timeframe is currently crossing below the candlesticks, which indicates that the market is currently in a bearish trend.

Uniswap price analysis conclusion

Overall, Uniswap’s current state has entered bearish territory, with prices continuing to decline after opening the day at $6.10. The technical analysis reveals a descending triangle pattern with resistance at $6.33 and support at $6.08, signaling that the bears are in control of the market. If bulls manage to take back control, we can expect prices to rally higher; however, if bears continue to push prices lower, further declines should be expected. Therefore, traders should exercise caution when trading Uniswap and wait for a clear signal before entering any position.

Source: https://www.cryptopolitan.com/uniswap-price-analysis-2023-03-09/