While the cryptocurrency market continues its bearish trend, the bearish trend continues in UNI.
The cryptocurrency market had reached a very low level after 2022. However, prices continue to recover.
Decline Deepens in Uniswap
Uniswap price analysis on the daily chart predicts a bearish bias for the market as selling momentum remains high in the last 24 hours. The $5.79 resistance level is acting as a strong hurdle for further price gains. For now, the bears have managed to block any bullish advances. Support for UNI/USD is at $5.43, but there is a possibility that this level will not be enough to prevent further declines.
UNI price continued to receive support from the 9-day and 20-day EMA lines as of the time of writing. However, traders paid attention to the bearish wedge pattern forming on the crypto’s daily chart. All indicators on UNI are bearish as the Relative Strength Index (RSI) indicator has also dropped below the 50 level. Additionally, the Bollinger bands have diverged and a contraction is observed which could lead to high volatility in the near future. The upper limit of the Bollinger band is $6.59, while the lower limit is $6.21.
Uniswap price analysis on the daily chart sheds light on the bearish direction.
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