Uniswap Price Loses Momentum, Are the Bears Back?

Uniswap’s price rose to about $6 on the chart, but the bulls could not maintain that level. In the last 24 hours, the coin again lost momentum and fell south on the chart.

In the last 24 hours, UNI recorded a 0.9% increase in its price. Last week, the coin gave up most of its gains and lost 1.2 percent of its market value.

The technical outlook for the Uniswap price was weak, and selling intensity was high, causing the price to fall further on the chart.

While Uniswap tried to move in a different direction than the broader market, the bulls were disappointed. Bitcoin has lost the $19,000 price mark and is immediately closing the support level.

Buyers will need to re-enter the market for the Uniswap price to revisit the $6 price mark.

Although the coin showed a bearish stance 48 hours ago, the increased number of sellers has eliminated the possibility of a bullish revival.

The value of the global cryptocurrency market today was $958 billion. 0.4% Negative changes in the last 24 hours.

Uniswap Price Analysis: One Day Chart

Uniswap price
Uniswap traded at $5.73 on the one-day chart Source: UNIUSD on TradingView

UNI was trading at $5.73 at the time of writing. The coin was trading very close to $6 USD. However, the buyers pulled out of the market.

Uniswap price resistance stands at $6, and if UNI can move above the $6.40 price level, the altcoin’s upward movement can be expected.

The coin’s recent support level was $5. A fall from the $5 price mark could push UNI to trade near the $4 price zone.

The volume of Uniswap traded in the previous session indicated that selling strength has increased on the one-day chart.

Technical analysis

Uniswap price
Uniswap has shown a decline in buying strength on the one-day chart Source: UNIUSD on TradingView

Bears have taken over, minus the buying strength of the altcoin technical indicators on the one-day chart. For most of September, buying power has been low for altcoins.

The relative strength index was below the halfway line and this means a low buying strength for the one-day chart.

Uniswap price was below the 20-SMA line. This means depression for the coin. It means that sellers were driving the prices in the market.

Uniswap price
Uniswap has shown the beginning of a buy signal on the one-day chart Source: UNIUSD on TradingView

Uniswap’s technical outlook was also mixed, with indicators picking up a buy signal for the coin. Although buyers are low, indicators indicate that there may be a buying opportunity for the altcoin.

The divergence of moving averages is indicative of the coin’s price momentum and overall price action. MACD made a bullish crossover and started showing tiny green histograms for UNI buy signals.

This means, with more buyers, UNI can regain the chart. Chaikin’s cash flow shows the inflow and outflow of capital. The CMF has risen above the halfway line, indicating greater capital inflows than outflows.

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