UNISWAP Price Analysis: Return Of Bearish Dominance

• Up until the bears interrupted the daily price chart, the UNI price was recovering. Now the bulls need to accumulate again.
• The crypto asset is moving above the 20, 50, and 100 days moving average.
• The UNI/BTC pair is at 0.0003302 BTC with a loss of 2.29% in it

The UNI price recovered until the bears interrupted the daily price chart. The token recovered approximately 48% in seven days amid the bullish efforts however, the bears are not yet ready to release their hold on the market. The token needs to attract buyers in order to get back to the recovery and they need to do so a bit quickly so as to preserve their previous efforts.

The trading volume for UNI is still at a gain of 5% over the intraday trading session, bulls need to focus on the volume as it supports the price. The price made a higher high of $7.56 but the bears made it fall to $6.91  in the 24 hrs session. Analysts believe the price may fall further by monitoring the historical data.

The price for one UNI token is currently trading at $7.08 with a gain of 1.75% in its market capitalization in the last 24 hrs. The token has a trading volume of 212 million which is at a gain of 5.65% in the 24 hrs trading session and a market cap of 5.2 billion. The volume market cap ratio is 0.04084.

Will UNI Bulls Bounce Back?

While looking at the situation over the daily and hourly price chart it doesn’t look like the bulls will get the dominance quickly.

The MACD indicator shows the fading histogram which shows the sellers are dominating and if the situation persists the seller’s signal line will make a negative cross over the buyer’s line. Along with this, we can observe after approaching the overbought mark the relative strength index is diving amid the bearish pressure over the token. In support of the same Bollinger band also indicates a bearish rally ahead.

Conclusion

The UNI price was at recovery until the bears interrupted over the daily price chart and the token recovered approximately 48% in seven days amid the bullish efforts. The trading volume for UNI is still at a gain of 5% over the intraday trading session. Whereas the technical indicators suggest a bearish rally ahead so the investors need to be alert before making any move.

Technical levels

Resistance levels: $8.41 and $9.22

Support levels:$6.34 and $5.20

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.