Uniswap price analysis is once again showing bearish signs as the price settled below the $10 resistance in a horizontal pattern. UNI has consistently failed to surpass $10 after hitting $9.80 on July 28, 2022. Since then, prices have remained largely down. The trend seemed to change on August 10 when UNI rose 15% to $9.41.
The breakout was quickly halted as the price settled near the $9.23 base and has been trading flat ever since. Currently $9.03, the main UNI support stands at $8.5, while a possible break above the $10 resistance will protect the price to $13.19 before the next correction can hit.
The larger cryptocurrency market is showing a bullish trend across the board, led by bitcoin’s spike to $24,500 for the first time in two months, with prices seeing a 2 percent gain. Ethereum is also pushing towards the $2000 level, up 3.5%. Among the leading altcoins, Ripple was up to $0.37, while Cardano was up 5 percent to $0.56. Dogecoin was up 3 percent to $0.07, while Solana and Polkadot were up 4 percent to $46.69 and $9.37, respectively.
Uniswap Price Analysis: Union is moving in a horizontal trend on a 24-hour chart
Uniswap price analysis 24-hour candlestick chart shows price moving in a horizontal trend to illustrate bearish behavior around the $9 price level. UNI saw a similar example of an extended sideways trend around the same price point earlier in the month.
It remains to be seen if the advance can trigger a break of this pattern otherwise UNI may revisit the support at $8.5. Currently, the price remains at the important 50-day exponential moving average (EMA) at $8.94.
The 24-hour Relative Strength Index (RSI) is seen in decline after reaching overbought territory at 60. The losses in the market valuation are also reflected in the 7% decline in trading volume over the last 24 hours, indicating that the prevailing market trend is bearish.
The convergence-divergence moving average (MACD) curve also shows the same clue as it forms a deeper bottom below the neutral zone. The UNI price should hit $9 in the next 24 hours. Any move towards the $8.5 support could trigger more losses.