Uniswap Price Loses Momentum, Are The Bears Back?

News BTC

The Uniswap price had risen to almost $6 on its chart, but the bulls were unable to maintain that level. Over the last 24 hours, the coin again lost momentum and fell south on its chart.

Over the last 24 hours, UNI registered a 0.9% increase in its price. In the past week, the coin negated most of its gains and lost 1.2% of its market value.

How To Get Free Crypto  

The Uniswap price technical outlook was bearish, and selling strength was higher, causing the price to drop further on its chart.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Although Uniswap tried to move in a different direction than the broader market, the bulls gave up. Bitcoin also lost the $19,000 price mark and is closing in on its immediate support level.

For the Uniswap price to revisit the $6 price mark, buyers need to re-enter the market.

Although just 48 hours ago the coin displayed a bullish stance, an increase in the number of sellers has invalidated the chance of a bullish revival.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The global cryptocurrency market cap today was $958 billion, with a 0.4% negative change in the last 24 hours.

Uniswap Price Analysis: One Day Chart

Uniswap was priced at $5.73 on the one-day chart | Source: UNIUSD on TradingView

Coinbase Banner  

UNI was trading at $5.73 at the time of writing. The coin was trading very close to the $6 mark. However, the buyers exited the market.

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.

The nearest support level for the coin stood at $5. A fall from the $5 price mark could push UNI to trade near the $4 price zone.

The amount of Uniswap traded in the previous session indicated that selling strength increased on the one-day chart.

Technical Analysis

Uniswap depicted a fall in buying strength on the one-day chart | Source: UNIUSD on TradingView

The altcoin’s technical indicators note the bears taking over as buying strength dipped on the one-day chart. For most of the month of September, buying strength remained low for the altcoin.

FreeBitcoin Banner  

The Relative Strength Index was below the half-line and that meant a lower amount of buying strength on the one-day chart.

Uniswap price was below the 20-SMA line. This meant bearishness for the coin. It meant that sellers were driving the price momentum in the market.

Uniswap depicted the onset of a buy signal on the one-day chart | Source: UNIUSD on TradingView

The technical outlook for Uniswap was also mixed as the indicators also picked up on buy signal for the coin. Despite buyers remaining low, indicators indicated that there could be a possibility of buy signal for the altcoin.

The Moving Average Convergence Divergence points toward the price momentum and overall price action of the coin. MACD underwent a bullish crossover and started to depict tiny green histograms as buy signals for UNI.

This meant that, with more buyers, UNI could recover its chart. The Chaikin Money Flow displays capital inflows and outflows. CMF climbed above the half-line, signalling more capital inflows compared to outflows.

Go to Source
Author: anushsamal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.