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•UNI/USD is currently priced at $5.38 and has decreased by 10.73% over the past day
•The trading volumes have decreased by 7.79% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: UNI bears come up trumps in a battle of wits
The Uniswap price today is $5.38 USD with a 24-hour trading volume of $338,959,658 USD. Uniswap is down 10.73% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.08262 for the altcoin.
The return of the bears has had a detrimental impact on Uniswap as the bulls have been found wanting amid the huge influx of sellers in the market. The resultant bearish rally had led to the UNI Price to transact below the 20,50 SMA on the four hour chart. The efforts of the bulls have been proven to be in vain and the resistance level placed at $6 seems a long way off for the bulls to scale. On the other hand, if the bears continue to go about their merry ways, the support level placed at $5 could come under serious stress in the upcoming days.
Long Term View for Uniswap
The RSI for Uniswap has come under immense pressure in recent days and as result, it has slumped below the 14-dayaverageline, currently transacting at 37.40. On the other hand, the bears are reaping the fruits of their endeavors over the past few days as a bearish crossover occurred on the daily chart two days ago. This has resulted in the histograms turning red on the daily chart which have only been increasing in size ever since the bulls wilted under pressure. Moreover, the MACD and signal lines are also transacting in the negative zone which reinforces the bearish argument.
Conclusion
The bearish pressure had been building up in Uniswap for the past several weeks and the bears have laid down the marker coming into the new month. The absence of buyers could prove to be a major obstacle for UNI bulls to overcome in the next few days.
Support: $5.20-$5
Resistance: $5.60-$6
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
