Uniswap price analysis: UNI price slips to $5.46 as bears regain control
Uniswap #Uniswap
Uniswap price analysis for today shows that the price is covering downward movement once again. The value depreciated to a low of $5.46 and is currently consolidating, indicating that the price could be headed for further declines. Uniswap has been on a steady decline since it reached its all-time high of $6.36 on march 8. Resistance levels are near the $5.54 mark, and should it break that level of support, we could see a further drop to around $5.31.The 24-hour trading volume is at around $102 million, which is still weak compared to the overall trading volume in the market, while the market cap of UNI is currently at $4.18 billion.
Uniswap price analysis 1-day chart: Bears pulling the price below $5.51 resistance level
The 1-day Uniswap price analysis shows that the bearish trend is still in control, and it is likely that UNI will continue to struggle to move higher. It’s possible that the price could reach $5.50 in the near future, although this is not a certainty. The current market sentiment for Uniswap is bearish, and there are no signs that it will turn around anytime soon. Traders should approach Uniswap with caution as the market continues to be volatile.
The moving average (MA) is still bearish, with the 50-day MA being below the 200-day MA. This indicates that there is a strong downward pressure on Polygon’s price. The RSI is currently at 42.71, and it is headed toward the oversold region, which could signal a further drop in price. Furthermore, MACD is also in bearish territory, indicating that the price could break through its current levels and fall even further.
UNI/USD 4-hour price chart: Strong bullish feeling develops
Looking at the 4-hour chart, Uniswap price analysis shows that the price has increased and that the bulls have now gained control of the market because they have consistently fought for the lead and driven the price up to the $5.50 level. The coin was earlier declining, so the bulls were finally able to avoid the current bearish trend. In the upcoming hours, another price increase is also anticipated.
Looking at the technical indicator, the moving average convergence and divergence (MACD) line is now in the bullish zone, which shows that the price may remain consistent in its upward trajectory. The relative strength index (RSI) for 4 hours is 29.47, signaling that the price is oversold and could be ready for a bounce back. The 50-day MA is currently below the 200-day MA, which signals that the bulls have taken control over the bears.
Uniswap price analysis conclusion
In conclusion, Uniswap’s price is now in a bullish trend and could break through its current support levels. Previously, the trend favored bears, but now that the situation has reversed, bulls are in charge of the market. It will be fascinating to observe whether the bulls can overcome the $5.54 resistance level. Therefore, traders should be cautious when trading Uniswap, as the market could continue to decline.