UNI retraces to $5.77 after a bearish takeover – Cryptopolitan

Uniswap price analysis shows bearish price movement today. A decrease in price has been observed as the coin failed to get support, and bears continue their endeavour for the most of hours today. The UNI/USD has been downwards for the last 24 hours, as bears ruled the broader crypto market along with UNI, which went through an extreme loss. UNI suffered considerable damage as the price has dropped by -2.77% over the last 24 hours and is currently trading at $5.77. As the bears are making progress now, the next support for UNI is present at the $5.69 level.

The 24-hour trading volume for the  UNI/USD has been around $89 million, whereas the circulating supply of UNI is 577 million coins at press time. The market capitalization of Uniswap is around $3.32 billion, which puts it in the 20th rank according to CoinMarketCap data. Furthermore, UNI/USD saw a significant level of resistance at the $5.93 mark. We can also observe that Uniswap’s price has dropped by -9.23% in the last seven days.

Uniswap price analysis daily price chart: UNI losses momentum at $5.77 mark

The 1-day Uniswap price analysis shows a price drop today as selling pressure triggered again. After a significant decrease in UNI/USD pair price for the past four hours, Currently, the bears are continuing their lead, and the crypto pair is now trading at $5.77. This bearish takeover has resulted in Uniswap’s price dropping from its previous high of $6.42 to its current value.

This lack of bullish momentum suggests that we could see further decreases in UNI/USD prices if buyers fail to enter the market. As of now, the overall market sentiment appears bearish and Uniswap could possibly test its next support at $5.69 in the coming hours.

The volatility for the 1-day UNI/USD price chart is on the rise and the Bollinger bands are now in a downward trend. The upper Bollinger band is now at $6.41, while the lower band is at $5.69. The 50-moving average line has also turned bearish and crossed below the 100 MA line which suggests that bears are in control of the market now. The RSI is also decreasing on the 1-day chart, as it currently stands at 41.69 and appears to be headed toward the oversold zone which could signal further decreases in Uniswap prices.

Uniswap price analysis 4-hour chart: Bearish scenarios remain

The 4-hour price chart for Uniswap price analysis shows bearish progress in the last four hours as price levels continue decreasing after the price breakout being downwards at the start of today’s trading session. Bears seem to be gaining strength as selling pressure continues to rise, and the coin hasn’t found support yet. The price function has been headed downwards for the last 24 hours as the coin is under a strong correction.

The hourly Bollinger bands are converging towards the middle of the chart which could indicate that a ranging phase is on the way. The upper Bollinger bands are at $6.45, while the lower band is at $5.54. The 50 MA and 100 MA lines have also crossed over with each other which suggests that a downtrend is in progress as of now. Lastly, the RSI is below the average level standing at 33.37, and is in the oversold zone.

Uniswap price analysis conclusion

Overall, Uniswap’s prices have been declining in the last 24 hours, and bearish scenarios remain for the coin as of now. The UNI/USD pair is currently trading at $5.77 and could test its next support levels soon if bears manage to keep their lead. The selling pressure appears to be increasing, and the coin hasn’t found its footing yet as buyers aren’t able to enter the market.