Uniswap price analysis has been on a steady decline over the past 24 hours, with the token losing over 1.45 percent of its value. The UNI/USD pair is currently trading at $6.90, after opening the day at $7.12. Resistance for UNI/USD is present at $7.12 and breaking above this level could see the price increase to $8. However, the bearish trend is strong and any upside is likely to be limited.
Support for Uniswap prices is present at $6.68 and a break below this level could see the price drop to $5.50. The overall market sentiment is bearish and Uniswap prices are likely to continue falling in the short term.
Uniswap price analysis on a 1-day price chart: Bears continue defining the price curve
The one-day Uniswap price analysis shows that the 24-hour trading volume for the UNI/USD pair has been on a declining trend, as the market enters a period of consolidation. The trading volume for the pair is currently at $1.90 million, which is significantly lower than the $2.20 million recorded at the start of the day. The market capitalization for Uniswap is currently at $769 million and the token is ranked number 46 on CoinMarketCap.
Uniswap price is trading below the 200-day moving average and 50-day moving average, indicating that the market is in a strong bearish trend. The RSI indicator is currently at 46.47 and shows no signs of a bullish reversal. The MACD indicator is also in the bearish zone and is indicating further downside for Uniswap price
Uniswap price analysis: Recent developments and further technical indications
The four-hour Uniswap price analysis shows that the UNI/USD pair is in a downward trend and is currently trading at $6.90. The price has fallen below the $6.00 level and is facing resistance at $7.12. The price has been covering a range downwards from the start of the trading session and even in the last four hours, after getting a breakout downwards today.
The four-hour chart shows that the UNI/USD pair is trading below the MACD indicator and the RSI indicator is also in the bearish zone as it approaches the 50.00 level. The 50 MA is also lying below the 200 MA, which is a bearish sign.
Uniswap price analysis conclusion
Uniswap price analysis shows that the UNI/USD pair is in a strong bearish trend and any upside is likely to be limited. The market sentiment is bearish and Uniswap prices are likely to continue falling in the short term. Most of the technical indications are also bearish, and price momentum is downwards right now.
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Source: https://www.cryptopolitan.com/uniswap-price-analysis-2022-08-23/