Uniswap

(UNI),
a
prominent
decentralized
exchange
token,
is
bracing
for
further
declines
as
the
broader
cryptocurrency
market
experiences
a
significant
downturn.
Recent
market
trends
indicate
a
continuation
of
bearish
momentum,
which
has
impacted
UNI’s
price
negatively. 

Several
factors,
including
macroeconomic
uncertainties,
regulatory
pressures,
and
shifts
in
investor
sentiment,
are
contributing
to
this
extended
downtrend.
As
Uniswap’s
price
breaks
key
support
levels,
the
likelihood
of
additional
losses
increases.

 

This
article
delves
into
UNI’s
price
analysis
with
the
help
of
technical
indicators
to
determine
the
anticipated
decline
and
provide
insights
into
what
traders
and
investors
might
expect
in
the
coming
days.

The
price
of
Uniswap
has
increased
by
4.60%,
trading
at
about
$9.873
in
the
last
24
hours,
with
a
market
capitalization
of
more
than
$5.9
billion
and
a
trading
volume
of
more
than
$356
million
as
of
the
time
of
writing.
UNI’s
market
cap
and
trading
volume
were
also
up
by
4.28%
and
19.98%,
respectively.

UNI
Builds
Bearish
Sentiment

On
the
1-hour
chart,
UNI
is
attempting
to
move
below
the
100-day
Simple
Moving
Average
(SMA)
as
it
has
failed
to
move
above
the
bearish
trendline.
It
can
be
suggested
here
that
Uniswap
might
go

bearish.

The
1-hour
Composite
Trend
Oscillator
also
signals
that
the
price
of
UNI
might
break
below
the
100-day
SMA
and
go
bearish
as
both
the
signal
line
and
SMA
crossed
and
are
heading
toward
the
zero
line.
From
this
Relative
Strength
Index
(RSI)
formation,
it
can
be
considered
that
UNI
might
go
bearish
if
it
moves
below
the
100-day
SMA.

 

Meanwhile,
in
the
4-hour
chart,
UNI’s
price
trades
below
the
trendline
and
the
100-day
SMA.
The
price
of
UNI
is
also
attempting
to
drop
a
bearish
4-hour
candlestick.

Although
the
4-hour
composite
trend
oscillator
indicates
that
UNI
may
go
bullish,
the
price
will
certainly
move
upward
on
a
short-term
note
and
begin
to
decline
again.
The
signal
line
and
SMA
line
are
heading
toward
the
zero
line,
but
this
has
continued
for
a
while.

Support
Levels
To
Watch
Out
For

If
the

price
of
UNI

drops
below
the
1-hour
100-day
simple
moving
average,
it
will
begin
to
move
towards
the
$8.748
support
level.
It
may
even
decline
more
to
test
the
$7.557
support
level
if
it
breaks
below
the
abovementioned
level.

However,
if
Uniswap
were
to
change
course
at
any
of
the
previously
mentioned
support
levels,
it
would
begin
to
rise
toward
the
resistance
level
of
$10.381.
If
the
price
breaches
this
resistance
level,
it
might
be
poised
to
test
the
$11.801
mark
and
perhaps
much
higher
to
test
other
levels.

 

Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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