Uniswap Price Loses Momentum, Are The Bears Back?

The Uniswap value had climbed to nearly $6 in its chart but the bulls couldn’t maintain this level. The coin lost its momentum over the past 24 hours and fell to the south on the chart.

In the past 24 hours, UNI has seen a 0.9% price increase. Over the last week, the currency lost 1.2% of its value and saw most of its gains reversed.

The technical outlook on Uniswap’s price was bearish. Selling strength was also higher. This caused the price to fall further on its chart.

Uniswap was trying to take a more conservative path than the broader markets, but it failed. Bitcoin is also close to its support level, having lost $19,000

Buyers must re-enter to allow the Uniswap price tag to reach $6.

Although the coin was bullish 48 hours ago, the increase in sellers has negated any chance of a bullish revival.

Today, the global cryptocurrency market was valued at $958 billion. 0.4%Negative change over the past 24hrs

Uniswap price analysis: 1 Day chart

Uniswap Price
Uniswap’s price was $5.73 per day on the tradingview chart. Source: UNIUSD.| Source: UNIUSD on TradingView

UNI trades at $5.73, at the time this article was written. The currency was close to trading at $6. But, buyers pulled out.

Overhead resistance for Uniswap price stood at $6, and if UNI can move over the $6.40 price level, the altcoin’s upward movement could be anticipated.

Coin’s nearest support level stood at $5. UNI could trade in the $4 zone if it falls below the $5 price level.

The trading volume of Uniswap in the last session showed that the selling strength was higher on the one day chart.

Technical Analysis

Uniswap Price
Source: UNIUSD on TradingView| Source: UNIUSD on TradingView

The altcoin’s technical indicators note the bears taking over as buying strength dipped on the one-day chart. For the most part of September, the altcoin saw its buying strength remain low.

Relative Strength Index was lower than the half-line. This meant less buying strength for the day chart.

The Uniswap market price fell below the 20 SMA line. It was a sign of bearishness. This meant that the market was being driven by sellers.

Uniswap Price
Uniswap illustrated the onset of a Buy Signal on the One-Day Chart | Source: UNIUSD on TradingView

The technical outlook of Uniswap is mixed. Indicators also detected a buy signal. Indicators indicated there was a chance of buying the altcoin, despite buyers being low.

Moving Average Convergence Divergence is indicative of price momentum and general price action. MACD began to display tiny green histograms in order to signal buy signals for UNI.

In this way, UNI was able to recover its chart with the help of more buyers. Chaikin Money Flow shows capital outflows and inflows. CMF exceeded the half-line, which indicates more capital outflows.

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