TL;DR Breakdown
- The market has a bearish sentiment today
- Uniswap price analysis started out slightly bullish today
- The next few hours are critical to determining Uniswap’s course
- Bears have the stronger hold on the Uniswap market for the next few hours
- Uniswap is becoming oversold rapidly, as suggested by the RSI indicator
- Uniswap may find a new support line soon
The Uniswap price analysis for today shows that the market is quite indecisive. While the bulls started out quite strong, the market has experienced significant bear pressure in the last few hours. Recently, the resistance was set at the $5.239 mark, after which the bears took over.
If we look at the larger cryptocurrency market, it is obvious that the bears are stronger. Bitcoin’s price has reduced by 0.52%, while Ethereum has shown a decrease of 0.36% along with other altcoins. Though, Ripple and Dogecoin might be slightly bullish. This does not change the fact that the overall market has bearish pressure.
Currently, Uniswap is priced at $5.107 and has marked an increase of 1.29 percent in the price. The total market cap of around $3,659,876,041, which is 0.36 percent more than yesterday. The RSI levels are at 32.55 with a constant slope, suggesting that the market is close to being oversold.
24-hours Uniswap price analysis
The 24-hour Uniswap price analysis gives us a clearer picture of today’s trends. The market seems highly volatile, with the RSI currently touching 42 with a rapidly decreasing gradient. So, the market is slowly becoming oversold, which suggests that the price may further drop in the next few hours. Investors can expect the next couple of hours to be bullish before Uniswap finds a new support level.
Earlier today, a resistance was set at $5.374, and from there, the price rapidly went down to 5.192 in the 14th hour. Uniswap seems to be struggling to retrace, but the bears have a stronger hold.
Uniswap price analysis 4-hour chart: Can Uniswap retrace to today’s high of $5.436?
If the bulls somehow gain slight control of the market, Uniswap can retrace to the last high of $5.436. But given the current market conditions, it seems highly unlikely because the bears are further pulling the price down.
The 4-hour Uniswap price analysis chart shows that the RSI gradient is steeply headed downwards. Furthermore, the MACD indicators show the histograms slowly reducing in strength despite being in the greens. So, the prospects regarding retracing in the next few hours are quite thin.
Conclusion
While bulls are certainly struggling to take control of the market, the bears have a much stronger hold today. So, there is no indication of the Uniswap market improving over the next few hours. It might find a new support line soon, but the overall market’s sentiments are inclined towards the bearish side. So day traders may want to wait for a further dip or invest once Uniswap has established a new support line.
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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-2022-05-17/