At the moment, the Uniswap currency has seen a decline in its chart. The local support level was nearer to the coin’s $9 mark, and the coin has lost its $9 price.
UNI has seen a significant decline of 6% in the past 24 hours. Most of the gains that UNI made in the last week were lost.
Mixed trading signals have been shown by the technical indicator for UNI. A recent drop in prices has caused the departure of buyers.
For the Uniswap to get momentum, it is crucial that buyers have enough confidence and there is sufficient demand.
As the selling pressure increased, UNI began to display bearish price signals. For the bulls’ price momentum to be driven, it is necessary for altcoin to see a breakout.
In the end, the coin fell below its $8.40 support area. UNI could recover if there is more demand in the future trading sessions.
Uniswap Price Analys: 4-Hour Chart
At the time this article was written, the altcoin’s price was $8.30. Uniswap has lost its support level immediately and bears have made that mark a resistance line for the coin.
Altcoin had $8.76 overhead resistance, but a hard price ceiling of $9.30.
Although the coin attempted to surpass the price limit a few times, it was stopped by sellers on the market. Its immediate price level was $7.80.
UNI is recovering nicely over the past weeks but there’s still a lot of demand.
As a result of a decline in purchasing strength, the trading volume for UNI has dropped in recent sessions.
Technical Analysis
UNI moved closer to oversold territory during the trading session, but it didn’t touch that area. The coin’s buying power is low, but it was not too expensive.
Relative Strength Index showed a dip below half-line, indicating that altcoin demand could increase in the coming sessions.
The Uniswap market price fell below the 20 SMA, which indicated bearishness. This also indicated that sellers are driving market price momentum.
Altcoin’s technical indicators have shown bearish signals. UNI received a sell signal from the 4-hour chart. The price momentum and the change in momentum are represented by Moving Average Convergence Divergence.
MACD was able to display red histograms due to low demand.
The sell signals for UNI were the red histograms. Chaikin Money Flow determined capital outflows.
CMF was lower than the half-line, as capital outflows were greater than outflows when the article was written. With increasing demand and purchasing strength, the coin may attempt to climb on its chart.