As a crypto investor with some experience in technical analysis, I’m concerned about the recent downturn in the cryptocurrency market and how it’s impacting Uniswap (UNI). The price analysis of UNI suggests that we may be in for further declines.
In simpler terms, the well-known Decentralized Finance (DeFi) token UNISwap (UNI) is preparing for potential drops as the cryptocurrency market undergoes a substantial slump. The recent market behavior suggests that this bearish trend will persist, causing harm to UNI’s value.
A number of elements, such as economic uncertainties on a large scale, regulatory challenges, and fluctuations in investor attitudes, are fueling this protracted decline. With Uniswap’s price falling below crucial support points, the risk of further losses becomes more pronounced.
In this article, we explore UNI‘s price trend using technical indicators to forecast potential price drops and offer valuable information for traders and investors regarding future market behavior over the next few days.
Uniswap’s price has risen by 4.60% over the past 24 hours, reaching approximately $9.873 at present. Its market capitalization surpasses $5.9 billion, while its trading volume exceeds $356 million. The market capitalization and trading volume of UNI have also grown by 4.28% and 19.98%, respectively.
UNI Builds Bearish Sentiment
On the one-hour chart, Uniswap (UNI) is currently making an effort to drop beneath its 100-day Simple Moving Average (SMA). This comes after it was unable to surpass the bearish trendline. It’s worth considering that Uniswap could be entering a downturn based on this chart analysis.
As an analyst, I’ve noticed that based on the 1-hour Composite Trend Oscillator, UNI‘s price could potentially dip beneath its 100-day Simple Moving Average (SMA), signaling a bearish trend. The reason being, both the oscillator’s signal line and the SMA have intersected and are now headed toward the zero line. Furthermore, observing the Relative Strength Index (RSI) development, UNI may exhibit a bearish behavior if it falls below its 100-day SMA.
In the 4-hour timeframe, UNI‘s price sits beneath its trendline and the 100-day Simple Moving Average (SMA). Additionally, there’s an effort from UNI’s price to form a bearish candlestick pattern in this chart.
Despite the 4-hour composite trend oscillator suggesting potential bullishness for UNI, the price is likely to increase temporarily before resuming its downward trend. Both the signal line and simple moving average (SMA) are approaching the zero line, but this trend has persisted for some time.
Support Levels To Watch Out For
If the UNI price dips beneath its 1-hour 100-day simple moving average, it could potentially head towards the $8.748 support. A fall below this level might lead to further decline, possibly reaching the $7.557 support.
Should Uniswap shift its direction at any of the mentioned support points, it could potentially surge towards the resistance level of $10.381. Once this resistance is conquered, the price may challenge the next hurdle at $11.801 and potentially even exceed that mark to explore higher levels.
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2024-06-13 18:58