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After sustaining bullish price action for the past two days, the Uniswap price has registered a shift in its price movement. With a 0.9% loss in the last 24 hours, price sentiment has shifted toward the bears.
At press time, Uniswap has struggled to move past its rigid resistance mark of $4.50. There is a chance that investors could book profits if UNI moves past the aforementioned price level.
The coin has, however, struggled at its immediate resistance of $5.49. Uniswap has to flip the critical resistance into the support zone to move up to its next price ceiling of $6.
If Uniswap price does not sustain above $5.49, then the altcoin could lose the support floor at $4.99. That would invalidate the bullish momentum, bringing the coin down to the next level.
Uniswap Price Analysis: One-Day Chart
Uniswap was priced at $5.46 on the one-day chart | Source: UNIUSD on TradingView
UNI was trading at $5.46 at the time of writing. The coin had almost breached the $5.49 price level, but the coin met with a sell-off. If the cryptocurrency fails to trade above $5.49, it will lose momentum. Buyers have to take precedence if the bearish momentum has to be negated.
Overhead resistance stood at $5.70, and moving above that would help the altcoin climb to $6. In the event of a downward trend, UNI will remain at $4.70 for some time before moving further. The amount of UNI traded in the last session increased, signifying an increase in demand.
Uniswap registered an increase in buyers on the one-day chart | Source: UNIUSD on TradingView
Buyers have increased over the past trading sessions, although the indicators remain below the neutral zone. This is an indicator that the market has yet to register substantial demand. The Relative Strength Index was above the 40 mark, signifying that sellers were still active.
If the buyers take charge in the next trading session, UNI will turn bullish again. Regarding buying strength, UNI was below the 20-Simple Moving Average line, which meant that sellers were driving the price momentum in the market.
The De-Fi token has to flip $5.70 to a support line, so the bulls register a considerable upswing price.
Uniswap pictured sell signal on the one-day chart | Source: UNIUSD on TradingView
UNI has not yet broken free from the grip of the bears, as the coin indicated the presence of a sell signal on the one-day chart. The Moving Average Convergence Divergence displays price momentum and changes in trends. MACD was still forming red signal bars, which correspond with a sell signal.
The Directional Movement Index (DMI) was negative as the -DI (orange) line was above the +DI (blue) line, which pictured a bearish trend. The average Directional Index (red) ran above the 20-mark to signify strength in the bearish thesis. Should the bearish thesis be invalidated, a jump above $5.49 remains crucial.
Featured Image From UnSplash, Charts From Tradingview
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.