On the daily chart, Uniswap is always moving in the opposite direction to its immediate support. UNI’s bulls have not been able to break past its immediate support, causing traders to lose confidence.
Uniswap has lost 4% over the past 24 hours. UNI gained 4% over the last week on the daily chart.
The technical outlook at UNI remained uncertain, but there were some signs that pointing to the bears taking the market.
The coin’s current support zone was between $5.60 and $5.00, respectively. The bulls are constantly trying to surpass the $5.94 mark.
The market has seen buyers leave as the sellers entered the one day price chart. While Bitcoin is struggling at $19,000 per coin, many altcoins are also trying to surpass their immediate price ceilings.
If the Uniswap’s price is not rising, the coin may attempt to reach the nearest support level during the next trading session.
At the moment, UNI is trading extremely close to the local support line and if buying strength doesn’t pick up, the coin will fall below the immediate support line.
Uniswap price analysis: 1 Day chart
UNI trades at $5.69, at the time this article was written. A few times, the bulls were defeated at $5.94 resistance.
If the demand for Uniswap is low, then it can see its gains diminish. The overhead resistance was $5.94.
If UNI falls below the level of $5.00, then it will be cut to $5.00. The last session saw a decrease in Uniswap trades, which indicates that the buying power remained low. This signaled bearishness in UNI.
Technical Analysis
UNI was traded in the sell zone for most months. Because the coin is unable to overcome the immediate resistance, it has remained in the selling zone.
The low demand for Uniswap was the reason. Relative Strength Index (RSI) was lower than the half-line. That was indicative of higher selling strength rather than increased buying power.
The one-day chart also showed bearishness. The Uniswap market price fell below the 20 SMA line. This indicates that there is less demand. The market is currently driven by sellers, which also signifies that there’s less demand.
UNI’s technical indicators depicted mixed signals on the one-day chart. Moving Average Convergence Divergence tracks the price momentum as well as overall price action for the altcoin.
MACD went through a bullish crossover, and green signal bars were formed. These signals were used to signal the purchase of the coin.
This may also indicate that UNI could see a rise in price due to increased demand.
Bollinger Bands represent price fluctuations and fluctuation. This meant that the coins were poised to experience price volatility.
Featured image from Somag News. Charts by Tradingview.