Uniswap price analysis: UNI/USD bearish for the next 24 hours

Uniswap price analysis shows a bearish trend as the price has fallen below the $6.00 mark. The support for Uniswap prices is present at $5.54, and the resistance is seen at $5.86.The UNI/USD pair has been on a downward trend for the last 24-hours. The price has fallen below the $6.00 mark and is currently trading at $5.53. The price is facing strong resistance at the $5.86 level, and a break above this level is needed for the bulls to take control of the market.

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Cryptocurrencies price Heatmap, Source: Coin360

The overall market for the UNI/USD pair is in decline as selling pressure intensifies.UNI/USD pair is showing a solid bearish momentum as the digital asset declined by nearly 7% in the last 24 hours with a trading volume of $162,338,947 and a live market cap of $3,975,465,742.

Uniswap price action on a daily chart: Bearish trend continues

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UNI/USD 1-day price chart, source: TradingView

On the daily chart, Uniswap price analysis shows that the coin is following a clear downtrend as it has made lower lows and lower highs. The price is currently trading below the moving averages which indicates that the bearish momentum is still strong in the market. The RSI for the UNI/USD pair is currently at 32 which indicates that the asset is oversold in the market and a bounce is likely. The MACD for the UNI/USD pair is currently in the bearish zone with a weak signal line.

Uniswap price analysis on a 4-hour price chart: Bearish pressure overwhelms the market

On the 4-hour chart, Uniswap price analysis has formed a bearish flag pattern which is a continuation pattern. The price is currently trading at the support of the flag which is around the $5.54 level. A break below this level can see UNI prices testing the $5.20 mark. The buyers will need to push the prices above the $5.86 level to take control of the market. The bullish had tried to take control of the market yesterday but failed as prices fell below the $6.00 level.

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UNI/USD 4-hour price chart, source: TradingView

The Relative Strength Index for the UNI/USD pair is currently at 39 which indicates that the asset is in the oversold zone. The Moving Average Convergence Divergence for the UNI/USD pair is currently below the zero line which indicates that the bearish momentum is still strong in the market. The MA indicator is currently in the bearish zone which is a further indication of the bearish trend.

Uniswap prie conclusion

Uniswap price analysis shows that the UNI/USD pair is in a bearish trend as prices decline below the $5.53 level. Prices have recently found support at the $5.54 level as buyers step in to defend this key level. The market is highly volatile as prices fluctuate in a wide range. The bulls are seen to be stumbling to defend the $6.00 level as selling pressure intensifies. The bears are seen to be in control of the market as they aim to push prices lower.

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