High Expectations for UNI Price, Bears Reign Could End Soon

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• UNI price analysis showed a negative trend, with a 4.80% price drop.
• Technical indicators suggest that bulls could take control of the market.
• Support and resistance levels for Uniswap (UNI) are $6.54 and $7.12, respectively.

According to recent price research of Uniswap (UNI) on the daily price chart, the stock’s value has significantly decreased over the past day by 4.80% to trade at $6.62. UNI’s price resistance was about $7.12; nevertheless, because of fierce opposition at the time, it plummeted to its current level.

However, the 1-day trading volume climbed by 31.16% to $281,331,657, while the market capitalization dropped by 4.39% to $5,079,423,351.

UNI/USD 1-day price chart (Source: CoinMarketCap)

Bulls had been in charge of the market in recent hours, but the bears eventually took over and drove prices lower.

A negative trend in the current market is indicated by the MACD blue line crossing below the signal line. The negative trend may, however, be transitory given that it is in the positive range with a value of 0.13 and above the histogram.

Although the Bollinger Bands are moving outward, UNI is still bearish. The top and bottom bands come into touch at 7.21 and 6.17, respectively. There may have been more buying and selling activity as indicated by the 1-day trading volume, which has increased by more than 31.16%. This could signal the approaching breakout. This market attitude is supported by market movement towards the top band’s direction.

UNI/USD 4-hour price chart (Source: CoinMarketCap)

The Stoch RSI now shows a reading of 7.54, which is in the oversold range. A positive reversal is anticipated when such a move takes place as it indicates that the present market trend is about to come to an end.

According to the Relative Strength Index (RSI), which has a reading of 51.43 and trending north, the market is stable and a bullish reversal is imminent.

UNI/USD 4-hour price chart (Source: CoinMarketCap)

Generally, the bulls are battling the bears to reverse the downward momentum and keep prices from further fall.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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