Uniswap (UNI) Tanks As Bears Take Charge, Will The Bulls Come To Rescue?

According to Uniswap’s (UNI) price chart, the coin is moving sideways on the chart. As the market opened, the price dropped to $5.30, where UNI found little support.

Bulls are trying to regain control, but selling pressure is quite strong. The coin started exhibiting bearish momentum after April 19, 2023, when sharp crashes were observed in the chart. As of today, May 2, it has continued the bearish trend. 

Uniswap opened in April at $6.0603 and t traded around the same price level at the start of the next day before recording a pullback to $5.9461 at the close of the market. Luckily, UNI regained its grip above $6 on April 4. 

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UNI maintained the same price level from April 4 to 7 before dipping to $5.9191 on April 8. Thankfully, the price dip lasted for 5 days only. On the April 13 close of the market, UNI gained again above $6.

It remained at the level until April 20, when it lost the grip falling to the $5 price range and continuing till today, May 2. 

The price of Uniswap is $5.31 as of today, May 02, 2023, indicating a loss of 1.74%. Also, its market cap is down by 2.05% at $3.06 billion with UNI’s 24-hour trading volume down by 26.90% at $33 million.

The 1-day price chart for Uniswap price analysis indicates that the UNI bulls are doing their best to control the price decline. However, the bears are still in charge of today’s price trend. But despite being under selling pressure today, the value of UNI/USD has only decreased by 1.74% percent over the past 24 hours.

UNI price is in a zone where investors or traders are afraid to buy UNI, and holders will likely sell due to the current market sentiment. As such, the downtrend might continue, except the bulls build back the bullish momentum. 

Based on the Uniswap chart today, the coin directly supports $4.628. If the bears continue this momentum, the next significant level is $3.341. The coin will have trouble breaking past the $7.761 resistance level with this low momentum. 

Since April 18, 2023, when the price of Uniswap fell below its 50-day SMA, this indicator has been indicating a SELL signal. 

Uniswap is also trading below the 200-day SMA. Since April 18, 2023, the 200-day SMA has indicated SELL for the previous 13 days. The Relative Strength Index (RSI) momentum oscillator is 38.58, which shows that UNI is neutral.

The MACD line is also below the signal line and trading in a downtrend, indicating bearish movement.

Featured image from Pixabay and chart from Tradingview