Uniswap price analysis reveals that the UNI/USD value has been on a steady decline over the past few hours. The value has now dipped below the $7.00 level and is currently trading at $7.01. This downward trend is likely to continue in the near term as the market remains bearish. The market opened today at $7.19 resistance and slipped to a low of $6.89 support in the first few hours of trading.
The digital asset is down by over 0.02% in the last 24 hours and is currently trading below the $7.00 level. The 24-hour trading volume for UNI/USD is currently at $156 million and the market cap is at $5.2 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 is likely to continue its downward trend in the near future. The triangle pattern has been formed by connecting the highs of $7.19 with the lows of $6.89.
The 4-hour chart reveals that the bearish trend is likely to continue in the near term as the MACD indicator is also in the bearish region and is likely to continue its downward trend. The RSI indicator is currently at 33.71 and is showing no signs of a recovery. The SMA 50 indicator is also below the SMA 200, indicating that the market is in a bearish trend.
Uniswap price on 1-day analysis: UNI/USD pair facing resistance at $7.19
On the daily chart, Uniswap price analysis shows that the coin is following a clear downtrend as it has made lower highs and lower lows over the past few days. The bulls might make a final attempt to push the prices up in the near term, but the bears are likely to take control of the market once again.
The SMA 50 is currently at $7.11 while the SMA 200 is at $7.16, indicating that the market is in a bearish trend. The RSI indicator is currently below the 50 level, which indicates that the market is in a bearish trend. The MACD line blue is currently above the signal line, which indicates that the market is in a bearish trend.
Uniswap price conclusion
Uniswap price analysis indicates the current market is likely to continue its downward trend in the short term as the market has not yet found any significant support levels. The market is expected to find some support at the $6.89 level, but if the market breaks below this level, it is likely to head towards the $6.50 level.
On the upside, the market is likely to face some resistance at the $7.19 level and if the bulls are able to push the prices above this level, the market is likely to head towards the $7.50 level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/uniswap-price-analysis-2022-08-24/