The Uniswap currency saw almost no movements over the past 24 hour as it registered 0.8% decreases on its chart. UNI hovered around $7 and could not break through its nearest price ceiling. The resistance level could be reached but the support line may not move.
According to technical analysis, Uniswap’s price could see a drop in the charts. It will likely be hard to reach the resistance levels above as sellers have left the market. Uniswap’s price can be pushed to the next support level by increased selling pressure.
The Bitcoin price has also fallen significantly in the past 24 hours. Altcoins fell in the same way as Bitcoin, dropping to $21,000. Uniswap prices are still at their current level due to market weakness. Global cryptocurrency market capitalization today stands at $1.07 Trillion. 1.0% negative change in the last 24 hours.
Four-hour Chart: Uniswap price analysis
UNI traded at $7.01 as of the writing. The overhead resistance was $7.57 for the coin. The price ceiling for the Uniswap coin has held firm and the coin is under selling pressure.
Uniswap will drop to $6.90 from its current level immediately. If the price does not fall below that level, then it will move up to $5.99. The amount of Uniswap that was traded during the most recent session decreased, which means there was high selling pressure in the market.
Technical Analysis
UNI’s movement was laterally, which caused sell pressure to build on the hourly chart. The indicator that the charts could fall was seen in this move.
The Relative Strength Index was at the top of the market, but the coin saw an improvement over the 24 hours.
On the hourly chart, buyers outnumbered sellers by a significant margin. Uniswap was priced below the 20 SMA line, which suggested that sellers were driving market price momentum.
UNI’s laterally trading had pushed price near to its immediate support level. Technical indicators pointed towards a sell signal due to the influx of sellers. However, the coin has started to gain a buy signal over the past 24 hours.
Moving Average Convergence Divergence shows price momentum, and reverses in the same. MACD saw a bullish crossover. The half-line had green histograms, which was interpreted as indicating that there was a buy signal.
Bollinger Bands are used to understand price volatility and the possibility of fluctuation. These bands are wide-open and parallel, which suggests that prices could experience a change in direction over the next trading session.