Uniswap Price Analysis: The Last Support Acting as Resistance, When will UNI Break this Stereotype?

• Uniswap price is now struggling to break out of the resistance level at $6.65, which was the prior support.
• UNI crypto is trading at 20 and 50 EMA but is still behind 100 and 200-days Daily Moving Average.
• The pair of UNI/BTC is at 0.0003266 BTC with an intraday drop of 0.17%.

In the past 24 hours, Uniswap price has dropped below the ascending parallel channel and lost about 13% of its market value. The buyers must support the UNI currency, which should then climb once more inside the parallel channel. Bears, however, keep attempting to lower UNI currency below the upward channel. When the UNI currency gets close to the $6.65 resistance level, bulls must accumulate and maintain their position. It will take some time to determine if UNI bulls are successful in giving the token support so as to prevent rejection from the current level.

Uniswap price is currently estimated at $6.33 and has increased by 0.30% in market capitalization over the previous 24 hours. However, during the intraday trading session, trading volume fell by 26.35%. This shows that UNI bears are actively attempting to remove the UNI coin. Volume to market cap ratio is 0.02986. 

Over the daily price chart, the price of the UNI coin is moving rapidly downward. The crypto asset is currently decreasing on the daily chart after being rejected from an ascending parallel channel. Bulls in UNI must build up on their own before allowing the token to cross the daily chart. Red enormous volume bars, however, indicate the involvement of bears and the decline of UNI cryptocurrency.

What do Technical Indicators suggest about UNI?

To allow the token to outperform the daily price chart, UNI coin price needs to attract buyers. Over the daily price chart, the token must resurge inside the upward parallel channel. Technical indicators point to the UNI cryptocurrency’s decline momentum.

The UNI coin’s momentum in the downtrend is displayed by the relative strength index. The RSI is at 52 and is getting close to neutrality. The UNI coin’s bearish momentum is visible in MACD. The MACD line is waiting for a negative crossing and is located above the signal line. Investors in UNI must watch the daily chart for any directional changes.

Conclusion

In the past 24 hours, Uniswap price has dropped below the ascending parallel channel and lost about 13% of its market value. The buyers must support the UNI currency, which should then climb once more inside the parallel channel. Bears, however, keep attempting to lower UNI currency below the upward channel. When the UNI currency gets close to the $6.65 resistance level, bulls must accumulate and maintain their position. Red enormous volume bars, however, indicate the involvement of bears and the decline of UNI cryptocurrency. Technical indicators point to the UNI cryptocurrency’s decline momentum.

Technical Levels

Support Levels: $6.00 and $5.50

Resistance Levels: $6.65 and $7.30

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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