TL;DR Breakdown
- Uniswap’s price analysis shows bearish price movement.
- The price drops to $6.33 during the day.
- Support is present at the $6.16 level.
The Uniswap price analysis indicates that the price of the cryptocurrency has decreased today as bears once again grabbed control of the market. The price has dropped to the $6.33 level as a result of the ongoing imbalance in price movements, and the bears are attempting to establish a bearish trend for today. As a result of the slight change in the price ratio, the bears are still in the lead at this time. Given that the bearish trend has been pretty evident since yesterday, it is reasonable to assume that the cryptocurrency may experience further loss in the hours to come as well. Bullish attempts are also there, as they are currently attempting to raise the price level.
UNI/USD 1-day price chart: UNI losses 2.25 percent more
The UNI/USD price dropped to $6.33 over the course of the previous 24 hours, according to the 24-hour Uniswap price analysis. Even though the trends changed on February 5, 2023, the current tendency has benefited the bears. Although the coin lost about 2.25 percent of its worth during the past day, the decrease in price levels is still controllable because support is also available at the adjacent level of $6.16. On the one-day price chart, the moving average (MA) is trading above the current price at the $6.57 level.
The Bollinger bands are widening as the volatility rises. Following are the figures for the Bollinger Bands Indicator for the day: the top value is $7.24, which denotes resistance, and the lower value is $6.18, which denotes the strongest support. Due to the downturn, the Relative Strength Index (RSI) score has dropped to index 46. The neutral zone’s lower half has been the RSI’s continued home.
Uniswap price analysis: Recent developments and further technical indications
A decrease in price today is also supported by the Uniswap price analysis 4-hour price chart. During the first four hours of the current trading session, the price dropped to the $6.21 level, but on the other hand, bulls have raised the price levels back to $6.33 during the last four hours. Nevertheless, the bearish dominance has been very apparent since yesterday. Because of this, the sellers are in a better position because the value of the cryptocurrency has somewhat decreased. But just now, the cost is rising once more. When it comes to the moving average indicator, its value has been set at $6.44.
The SMA 20 is continuing rising above the SMA 50 curve on the four-hour chart, which is encouraging. Moving forward, the 4-hour chart’s volatility is moderate. The upper value of the Bollinger bands is $6.56, while the bottom value is $6.28, and the bands are not diverging. Due to the recent buying activity, the RSI score is once again rising on the 4-hour chart and has reached index 39.
Uniswap price analysis conclusion
A definite bearish trend for the day is predicted by the one-day and four-hour Uniswap price analysis. After yesterday’s lead, the bears were able to push the price down to $6.33. Today as well, there has been constant selling pressure so further decline can be anticipated during the day. The bearish side still controls the price action, but there is also a potential that the bulls could seize control as support has also emerged.
