TL;DR Breakdown
. Price down to $4.5 support among larger market crash
. Bearish market indicators show seller domination
Uniswap price analysis shows a 6 percent decline in place for the token from price action over the past 24 hours. The bearish trend intensified to push price down to as low as the $4.5 support. Amid a larger bearish crypto market over the past 24 hours, UNI price was hit hard after trending variably sideways since the start of May. The recent decline has now pushed support to $4, with market cap dropping 7 percent to $4,705,039,899 and trading volume increasing a massive 73 percent, mostly consisting of selling action.
The larger cryptocurrency market faced a large-scale depletion across the board over the past 24 hours, with Bitcoin dropping 6 percent to the $25,500 mark, and Ethereum declining 5 percent to move down to $1,800. Among leading Altcoins, Ripple lost 6 percent to move as low as $0.50, while Cardano lowered a massive 8 percent in moving down to $0.34. Meanwhile, Dogecoin dropped 9 percent and Polkadot 6 percent, moving down to $0.06 and $5.2, respectively.
Uniswap price analysis: Bearish technical indicators swarm 24-hour chart
On the 24-hour candlestick chart for Uniswap price analysis, price can be seen facing a stern decline over the past 24 hours, moving as low as $4.57 to test the support region. Current price has recovered up to $4.70, but remains well short of the 9 and 21-day moving averages for UNI, as well as the crucial 50-day exponential moving average (EMA) at $5.02.
The 24-hour relative strength index also shows a dismal reading after falling deep into oversold territory on the daily chart. At a value of 32.46, the RSI shows massively depleted market valuation for UNI. Meanwhile, the moving average convergence divergence (MACD) curve also confirms a bearish divergence in place, with the trend line crossing below the signal line for Uniswap price analysis.
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