Uniswap Price Prediction: Bears Aim to Break SUport Trendline, Market Sentiments are Weak 

• Uniswap price is forming lower-highs and higher-lows in daily price scale.
• UNI price is going to hit the resistance trendline in the ongoing bullish trend.
• The ideological round level of $10 still remains to be broken by buyers. 

Uniswap price spotted in buyer’s hands as price action suggesting the strong positive structure. Although, digital token has been decreasing down since its all-time high zone along with lower-highs trend in higher time frame. In contrast, after reversing from yearly bottom level, buyers try to dominate UNI token and price action makes higher-lows. 

Bulls and bears both barely maintain their dominance on UNI tokens. Because of weak crypto market spirit, crypto prices are getting their steps back until the support trendline. Buyers are waiting for the trendline retest to attempt the trend reversal once again. At this point, bulls must have liquidated funds to put in the market, otherwise, prices may fall sharply soon. 

Due to recent price decline, the price structure shows a bearish trend as it makes lower-highs trend. In the hourly chart, buyers failed to manage the trend above the bullish trendline. As of now, the $6.0 level looks good as a next support. At the time of writing, Uniswap token price is trading $6.48 mark along with 7.5% intraday drop. 

Buyers are shifting their bullish view into slight selling as the RSI indicator slipped below the semi-line in terms of the daily price scale. This indicator seems to be extremely weak. In contrast, MACD only reflected bearish crossover but still both moving lines stayed in the positive region. 

Conclusion 

Uniswap is looking bearish as overall crypto market sentiment seems weak. Although Buyers attempt to reverse the trend, major cryptocurrencies are under intense selling pressure, so UNI token may break this support trendline. 

Support level – $8.0 and $10

Resistance level – $5.0 and $3.50

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.