Uniswap Price Analysis: UNI token facing rejection from the 100 days EMA. Will bears lead to more fall or not?

UNI token is now in the bear trap facing rejection multiple times.
The token is now trading in a sideways range.
UNI is now trading at $6.09 with an intraday dip of 0.56%.

UNI token is now distributing sideways moves because the price is inside the range of the symmetrical triangle pattern, and bears are forcibly pitching bulls which usher to repudiation. The near-term aspect shows that the token cannot surpass the upper trendline and rejection leads to the short fall.

Additionally, the recent volume indicates a decline, following which investors become more inept. The price of Uni token is struggling to surpass its resistance at $7.50 and is now facing significant abatement. In terms of long-term prospects, this trend appears to continue downward.

With the continuation of red bars, it seems that the token is willing to retest its 20 days EMA support range. The token is trading in a narrow range bound, and current moves now favor bears.

Daily chart shows Struggle of Bulls

Uniswap’s recent double top formation signals that the token is headed for repudiation from its previous highs. However, the 100-day EMA provides some temporary rejection against this fate. While 50 days of EMA served as a potential support range in recent sessions, it now appears to be weakening.

Moreover, in the last months, the token tried to break the range of $6 – $8 numerous times but fell. The token coasts in a thin range, forming lower highs and lows.

Short term chart shows bearishness

The perspective is harmful on the 4 hours chart with yet another pattern confirmation. The falling parallel channel spreads the price to downsides, and more now have to be switched lower. The ADX is now at 12, predicting that the trend is strong in stints of weakness.

The bears are immersing their positions, and the bulls are beaten now. The hourly chart also confirmed that the three inside-down pattern forms and more flaws must be there in the near-term sessions.

What RSI and MACD says?

RSI ( Bearish): The RSI slips from the neutral zone and foci to the oversold zone. The recent scratch in the prices leads the RSI to shift downside.

MACD( Bearish): In the recent sessions, the bearish crossover was noticed, and now it is renewing the histogram bloodbath.

Conclusion:

Uniswap token is now looking bearish on the chart, as the price hovers near 20,50 days EMA but not exiting the 100 days EMA. This guides the unwinding of investors for the shorter-term perspective. The near-term signals indicate a further sell-off in the token prices.

Technical Levels:

Support Levels :$5.60 and $5

Resistance Levels: $6.30 and $6.60

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.