Uniswap (UNI) is a decentralized trading protocol, popularly known for its automation technology. This alt season gave a boost to UNI and made the token popular among crypto traders. The automated solutions provided by UNI improves the efficiency of trading in the crypto space. Let us look at the technical analysis for UNI.
On July 7, 2021, UNI opened at $22.04. On July 13, 2021, the price closed at $18.44. Thus, in the past week, the price has decreased by approximately 16.34%. In the last 24 hours, UNI has traded between $17.00 - $19.70.
Currently, UNI is trading at $17. The price has decreased by approximately 10% from the day's opening price of $18.5. Thus, it seems like bears have taken control of the market.
The MACD and signal lines are in the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the UNI price may decline further.
Currently, the RSI indicator is at 39%. It faced rejection at 50.84% and has fallen straight to this level. Thus, it indicates that the selling pressure is high in the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
In short, when we look at the oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal.
Currently, the price is below the Fibonacci pivot point of $18.21. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $16.84, $15.14, and $13.04, respectively.
The price has tested the FIB resistance level of $21.32. If the price rises from the FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price is likely to rise. However, the immediate resistance that the price has to break is at $18.21.