•UNI/USD is currently priced at $4.92 and has decreased by 8.93% over the past day
•The trading volumes have increased by 14.47% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Weakness in sentiment suggests Uniswap to fall even further
The Uniswap price today is $4.92 USD with a 24-hour trading volume of $140,593,365 USD. Uniswap is down 8.93% in the last 24 hours. The trading volumes have increased over the past day as a result of increased profit booking occurring at the current price levels whereas the Volume to Market Cap Ratio stands at 0.03889 for the altcoin.
Major cryptocurrencies declined on Wednesday amid risk off sentiment in the market ahead of key global economic events. The four-hour time frame for UNI is currently showing that the short-term trend remains extremely bearish while price trades below the 20,50 SMA on the four hour chart. A loss of the current levels will indicate bearishness that could even send Uniswap price below the support level placed at $4.50. If this support gives way, a full retrace could be on the cards which could lead to the price plunging towards the next support placed at $4. On the flip side, if the price rebounds off this support zone, the buyers will again attempt to push the price towards the resistance at $5.50.
Long Term View for UNI
Looking at the daily chart for Uniswap, the RSI has plunged below the halfway mark and is currently transacting at 49.31. This indicates that the price of UNI Coin still has room to move down as it heads toward the oversold territory. The MACD indicator shows the gap has reduced between the MACD and signal lines. The decreasing size of the green histograms is indicative of the slump that Uniswap currently finds itself in.
UNI is still technically bearish over both the short and medium-term, leaving the prospect of further downside ahead for the asset. Bulls, therefore, will want to battle at the current level to prevent a breach.
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.