- Uniswap price prediction is bearish as it trades in a second bearish session around $22.7.
- UNI faces stiff resistance upwards offered by particularly the 50 and 200 SMAs.
- The support provided by the 100-day SMA around $22.9 is crucial to Uniswap re-starting the uptrend.
The Uniswap price is trading at $22.7 on most crypto exchanges with a bearish bias. The UNI price has gained only about 1% over the last 7 days and is down 6.54% over the last 24 hours. Things do not look promising for Uniswap bulls at the moment and they must hold onto to a crucial support to re-start the upswing.
Uniswap price must defend the 100-day SMA support
UNI/USD price is currently trading below the 200-day and the 50-day Simple Moving averages (SMA). UNI is also struggling to hold above the 100-day SMA at $22.90. Note that a daily closure below this level will trigger massive sell orders that will push the UNI price downwards towards the $21.68 support wall.
A further drop beyond this level will see Uniswap seek support around the $20 psychological level where there is robust support. Immense bearish run could push UNI below this level for a massive drop towards the July 20 low at $13.86. This would represent a 36% drop from the current price.
UNI/USD Daily Chart
Uniswap price prediction if bearish for the short-term as accentated by several technical tools. For example, the daily chart shows that UNI is facing significant resistance upwards at the $24 mark, $25 level, 50-day SMA at $26.75 and the 200-day SMA at $27.27.
These levels represent significant seller congestion zones that might counter any buying pressure attempting to push the Uniswap price avove the $28 spychological level.
The parabolic SAR remains negative and the downward movement of the Relative Strength Index (RSI) towards the oversold region indicates that UNI price is in the hands of the sellers at the moment.
Moreover, the postion of the Movign Average Convergence Diveregence (MACD) indicator below the zero line on the negative region is an indiction that Uniswap’s market sentiment is negative. This is also validated by the downward movement of the MACD below the signal line.
Looking Over The Fence
If Uniswap price bulls manage to defend the support around the 100-day SMA, the bulls will be bolstered to kick-start the uptrend. A decisive closure above the immediate resistance offered by the $24 psychological level is likely to push the UNI price to tag the $25 mark.
A move further up would see Uniswap re-test the resistance provided by the 50-day and the 100-day SMAs. If UNI overcomes these SMAs, it could tag the $30 psychological level.
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Nancy Lubale
