TL;DR Breakdown
- Uniswap’s price analysis shows bearish price movement.
- The price drops to $6.65 during the day.
- Support is present at the $6.59 level.
The Uniswap price analysis shows that there is once again a bearish pressure. Since the price last reached its peak on January 22, 2023, at $6.88, there has been some dramatic price action after that including some strong corrections, but the price levels recovered again during the last two days. Historically, the trend has been primarily upward since December 29, 2022, but today’s trend shows correction. Nearly all gains that bulls marked yesterday have been almost erased as the price has fallen today to $6.65.
UNI/USD 1-day price chart: UNI to retest $6.59 local support
According to Uniswap price analysis, the bears are seeking a rebound after the previous bearish strike. The bears have once again prevailed on the 1-day price chart by successfully reversing the bullish momentum witnessed yesterday. The price decreased and the coin is currently selling at $6.65 after suffering a loss in value. The cryptocurrency pair has increased in value for the past week by 8.86%, nevertheless. The moving average (MA) is currently lower than the price value, $6.60, as a result of recent uptrends.
As a result of the Bollinger bands’ expanded coverage, the volatility is significant. Due to this, the lower Bollinger band, which represents support for the coin, has reached a value of $5.62, and the upper Bollinger band, which represents resistance for the cryptocurrency pair, has reached a value of $7.08. The downward trend is also being supported by the Relative Strength Index (RSI), which stepped down to index 59 today.
Uniswap price analysis: Recent developments and further technical indications
The 4-hour Uniswap price analysis suggests that the bears have caused substantial damage during the first four hours of the current trading session, as the coin’s price has undergone a fall today; however, bulls are also strived to uplift the price levels but have been only partially successful. The price is now settling at the $6.65 level as the price is covering a range downwards again.
On the contrary, it is expected that the price may fall further in the coming hours. However, the next local support is present at the $6.59 level. The moving average is above the price level of $6.64. The Bollinger Bands average is currently resting at $6.55.
Given that the volatility is in the medium range and the Bollinger bands are keeping their distance on the four-hour chart, the price variations are anticipated to continue. As a result, the lower Bollinger band has moved to $6.24, and the upper Bollinger band has settled at $6.86. Although it is trending at index 52, the RSI indicator is also pushing its journey into the lower half of the neutral area.
Uniswap price analysis
The one-day and four-hour Uniswap price analysis show that the bears are currently in control. Uniswap’s price has dropped, and as of this writing, it is $6.65. It is safe to expect that the market will recover because the decline is not yet severe enough to cause disruption. However, the coin’s price may decrease further today.
