Uniswap price analysis: UNI rejected at $5.95, moves lower

TL;DR Breakdown

• Uniswap price analysis suggests sideways movement between $5.70 and $5.90
• The closest support level lies at $5.800
• UNI faces resistance at the $5.90 mark

The Uniswap price analysis shows that the UNI price action was rejected at $5.95 and moved back toward the $5.80 support level.

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include ETC and ADA, recording a 6.36 percent and a 5.65 percent incline, respectively. 

Uniswap price analysis: UNI rejected at $5.95

The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bearish momentum as observed in the low height of the histogram. Moreover, the lighter shade of the histogram suggests a declining bullish momentum as the price struggles to climb past $6.00 and returns to $5.80.

The EMAs are currently trading high above the mean position as net price movement over the last ten days remains positive. However, the EMAs move close together suggesting low momentum across the timeframe. Moreover, the converging EMAs suggest an increasing bearish pressure for the asset. 

The RSI was trading high in the overbought zone yesterday but has since gone back into the neutral region as UNI got rejected at the $2.90 price level. Currently, the index is trading at the 66.57 mark showing steady bullish momentum with a horizontal slope suggesting an equilibrium between both sides of the market. 

The Bollinger Bands are currently wide as the price shows sharp volatility rising from $5.40 to 5.90 in the last 24 hours. Currently, the price is trading near the indicator’s upper limit but as UNI moves downwards, the volatility would be declining. The indicator’s mean line provides support at the $5.604 mark while the upper limit presents a resistance level at the $5.953 mark.

Technical analyses for UNI/USDT

Overall, the 4-hour Uniswap price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing little to no bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market. 

The 24-hour Uniswap price analysis shares this sentiment and also issues a buy signal with 11 indicators suggesting an upwards movement against six suggesting a downward movement for the asset across the timeframe. The analysis shows bullish dominance across the daily frame with significant bearish presence still existing. Meanwhile, nine indicators remain neutral and do not issue any signals at press time. 

What to expect from Uniswap price analysis?

The Uniswap price analysis shows that the Uniswap market is enjoying a strong bullish rally as the price rose from $5.00 to the current $5.80 in the last 10 days. Currently, the price is facing strong resistance at the level and the bulls appear to be overstretched, however, if the bulls break above $5.90, the next resistance level lies at the $6.00 mark. 

Traders should expect UNI to slow down at the level as while the technical analyses are bullish, the momentum is overstretched and a bullish breakout above $5.90 may cause a crash back to the $5.60 level. Currently, the price can be expected to trade at the $5.70-$5.90 range for a while before making a bullish breakthrough.