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Uniswap Price Prediction: Are Bears Back in The Game?

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Uniswap Price Prediction
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  • Uniswap was currently at $6.13, which decreased by 4.15% during the intraday trading session.
  • The 24-hour low of UNI was $6.09 and the 24-hour high of UNI was $6.43.
  • The current Uniswap token price is below 20, 50, 100, and 200-Day EMA.

The pair of UNI/BTC was trading at 0.0002831 BTC with a dip of 2.76% over the intraday trading session.

Uniswap price prediction suggests that it is currently in a downtrend. After the start of 2022, the token was on a roller-coaster ride throughout the year. This indicates that 2022 was a very volatile year for the token. After the start of 2022 buyers tried to keep the token above its secondary resistance but near the end of April 2022 sellers became hyperactive causing the steep token decline as can be seen on the daily trading chart. Because of the heavy seller pressure during that time of the year, the token made its new 52-week low. After that buyers again tried to keep the token above its secondary resistance of $7.771. But sellers again took back the market from buyers forcing the token below its primary resistance and keeping the token there till the end of the year.

After the start of 2023, the token again started moving upwards breaking its primary support of $6.102 on its way. But soon after touching its primary resistance of $7.322, the token began consolidating between its primary support and resistance. The token tried to break out of its consolidation with the support of buyers but sellers pushed back the token below its primary resistance which made the previous breakouts a false breakout.

The volume of the coin has increased by 3.24% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of UNI, which represents a weakness in the current bearish phase and a possible reversal.

Uniswap Price Technical analysis:

RSI is decreasing in the oversold zone and is showing a negative crossover which indicates that the sellers are coming in the majority and pushing UNI downwards. This suggests the strength of the current bearish trend. The current value of RSI is 39.22 which is below the average RSI value of 45.59. 

The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Uniswap price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was on a roller-coaster ride throughout the year. After the start of 2023, the token again started moving upwards but soon after touching its primary resistance of $7.322, the token began consolidating between its primary support and resistance. The increase in volume shows the positive market sentiment towards the token.RSI is decreasing in the oversold zone and is showing a negative crossover which shows strength in the current bearish trend, as per the technical indicators.

Technical Levels-

Resistance level- $7.732 and $7.771

Support level- $6.102 and $4.947

Disclaimer

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

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