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- The current price of UNI is surfing around $5.80, having risen by almost 0.01% during the last intraday session.
- The pair of UNI/BTC is approx 0.0002078 BTC with a drop of 1.75% in the last 24 hours.
- The MACD and MACD signal have collapsed giving a negative crossover.
The upward trend of Uniswap might come to an end as the coin was under bullish dominance since the start of the financial year 2023. Uniswap’s shifting pricing is making it difficult for investors to proceed, and it appears that UNI investors are also hesitating. Both the bulls and the bears are engaged in a fierce battle with one another. Bulls are working hard to drive up prices, but bears are withholding their punches. Investors are watching the price of the coin closely for any changes. Let’s look at potential price movements for the coin.
The price of Uniswap is currently about $5.80, having gone up by almost 0.01% overall during intraday trade. The UNI/BTC pair is now trading at 0.0002078 BTC. UNI’s price appears to be heading in the direction of its primary support, which is $5.49. It will be simple for the bears to manipulate the price of the UNI if the bulls don’t put in a lot of effort. This might push the price up to the $4.94 secondary support level. The bulls might control the price of the coin and push it up to the primary resistance level of $6.56 if they develop stronger ways to defeat the bears. Conversely, if the bears didn’t react or their attempt to manipulate the market failed. The price may reach up to the secondary resistance of $6.88. Both bulls are bears have to push themselves hard to bring the price of UNI over their desired zones.
In the course of the intraday trading session, Uni’s volume dropped by 24.51%. The volume’s continued drop shows that the short-selling pressure is increasing and the selling power is increasing. The volume-to-market cap ratio is 0.019. In order to achieve their objectives, the sellers must put in more effort. For investors, the fact that purchasing is growing may be a comfort. Investors could choose to shift to either side. Additionally, this will present a chance for fresh investors to enter the market.
The Technical Analysis of UNI
The technical indicator shows the following: The Relative Strength Index (RSI) is in the oversold zone, which suggests the Seller’s acquisition. The current RSI is 43.22, which is slightly above the average RSI of 47.34 In order to normalize the price of UNI, sellers will need to reduce their selling pressure, and buyers will need to increase their buying pressure. The investors of UNI will need to decide whether to hold onto their positions or sell, which could potentially trigger further movements in the price of the coin.
Conclusion
The current market trend of Uniswap is bearish as the sellers are attempting to enter the trade. The coin is following the downward curve with a steady downward momentum. The price of Uniswap is currently about $5.80, having gone up by almost 0.01% overall during intraday trade. The volume has also dropped indicating the seller’s acquisition.
Technical Levels
Support Levels: $5.49 and $4.94
Resistance Levels: $6.56 and $6.88
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. 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 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.
