Uniswap (UNI) is facing a challenging situation as it tries to break out of a descending pattern that has two barriers: a trendline and a 200-day EMA. The crypto’s next move will depend on whether it can overcome or fall below the pattern.
The outlook is uncertain at the moment. However, the price dropped by -5.16% in the last week, indicating that Uniswap performed well recently. Uniswap has lost -88.14% of its value in 2 years from its all-time high of $44.92, wiping out the investors’ wealth.
The current market mood is indecisive. There is no significant volume in crypto right now. The price has been pushed back by the resistance line and is finding support on the 50-moving average.
Uniswap Price Technical Analysis
EMA: The price of Uniswap has been stuck between 50 and 200 MA with a bearish crossover that shows the influence of sellers in the market. If sellers continue to drag the market down, UNI could suffer more falls and go into a downtrend.
The RSI line is moving toward the overbought zone. The RSI line is at 55.83. The 14 SMA has a value of 57.54 points. However, the UNI price could rise significantly if it breaks out of this channel pattern.
Currently, MACD is showing bullish signs. The MACD line at 0.122 and signal line at 0.141 are above the zero line, meaning that the MACD is in positive territory and is giving bullish signs as of now.
Volume Analysis: The Uniswap trading volume of 24 hours is $77185212 with a -5.20% drop in the past 24 hours. However, the volume has been declining for a long time.
Technical Levels:
- Support – The current support level is $4.900.
- Resistance –The current resistance level is $5.855.
Conclusion
The current data and analysis indicate that bears and bulls are in a tough fight. Uniswap (UNI) is facing a difficult situation as it tries to break out of a descending pattern that has two barriers: a trendline and a 200-day EMA. The price action reveals that the investors have to wait for a proper setup for the next move. Curve DAO’s price is in neutral territory at the moment. Indicators like EMA, RSI, and MACD are giving bullish signals about Uniswap crypto. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves in the future.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/07/12/uniswap-price-prediction-july-2023-will-uni-go-bearish-soon/