Uniswap price analysis confirms that a bearish trend has been dominating the charts for the past few hours after a bullish divergence was witnessed earlier in the day. A decrease in price levels has been observed in the last 24 hours as well, which is quite discouraging for the buyers. The price has been corrected down to the $6.14 level, as the bearish momentum continues.
The Digital asset has lost over 1.23 percent in the last 24 hours, and it is currently trading below the $6.30 level. The coin has a market capitalization of $3.56 billion and is ranked 21st on CoinMarketCap. The 24-hour trading volume of the cryptocurrency is $87 million.
UNI/USD 1-day price chart: Bearish pressure takes the price beyond the $6.38 fence
The 1-day Uniswap price analysis dictates that a price decrease has taken place in the last 24 hours. The circumstances have been going favorably for the Bulls for the past few days, as buying levels observed an increase, but suddenly the flow has changed. The Bears have taken control of the situation and have dragged the price beyond the $6.38 resistance level, which is quite discouraging for buyers.
UNI/USD 1-day price chart, Source: TradingView
The moving average (MA) value in the one-day price chart is at the $6.12 level, and the relative strength index (RSI) is at 51.45, which confirms that a bearish trend is dominating the charts. The Bulls will have to step up their game if they want to recover from this situation or else massive losses could be witnessed in the near future. The Bollinger bands (BB) have narrowed, which indicates that the market is incredibly volatile at this moment. The upper Bollinger band is at the $6.34 level, and the lower Bollinger band is at the $5.97 level.
Uniswap price analysis: Recent developments and further technical indications
The hourly Uniswap price analysis is showings signs of a bearish trend as well, as the price has dropped down to a significant level. The trend reversal was quite unexpected, as the bulls were leading the price earlier today. The red candlestick formation in the hourly chart is a sign of bearish pressure, which means that buyers will have to wait for some time before they can see an upward trend again.
UNI/USD 4-hour price chart, Source: TradingView
The Bollinger bands are also narrowing in the hourly chart, which indicates that volatility levels have increased significantly. The upper Bollinger band is present at $6.37 and the lower Bollinger band is seen near $6.10, which may act as a strong support. The RSI is at 47.15, which confirms that the bears are ruling the market for now. The moving average (MA) currently stands at $6.21, which indicates that selling pressure might continue for the next few hours.
Uniswap price analysis conclusion
Overall, the current Uniswap price analysis is bearish and buyers will have to wait for some time before they can witness a bullish crossover. The selling pressure is dominating the charts, which means that massive losses could be witnessed if buyers fail to make a comeback soon. The bears will have to conquer strong resistance levels of $6.38 if they want to take control of the market.
