Uniswap (UNI) to Drop below Support of $7.82 – Price Analysis

  • The token experienced a downside move towards $10.97.
  • Uniswap presents a bearish outlook today.
  • The alt remains prone to further downswings.

UNI’s three unsuccessful break-out attempts lead to a bearish pattern on 24hr timeframe. Such moves with massive trading volumes usually trigger extended downswings until the token lands a significant support barrier. With that, UNI holders may reduce their positions and wait for more signals before executing new ones.

UNI/USD 24Hr Timeframe – Bulls Battle Massive Bearish Pressure

The daily timeframe reveals UNI’s downside trends. The alternative crypto explores the lows at around $10.97. That comes after Uniswap reached its ATH of $14.92. Though analysts believe the token will discover support around the current price zone, no one knows when or if such a scenario will emerge. Nevertheless, the price will likely drop before revealing its directional intentions.

The chart indicates multiple failed attempts from bulls to push UNI price past $11.25. Though the alt is yet to establish this level as a support, current indicators suggest Uniswap bulls will encounter challenges pushing higher.

Meanwhile, UNI’s near-term outlook differs from long-term. That way, the crypto suggests possible trend reversals. Though Uniswap violated the $11.25 mark, it may rise beyond the level or attract bulls for upside push attempts. Such developments may welcome a bullish pattern, signaling potential trend reversals. That may end the bearish trend by Uniswap’s timeframes.

UNI/USD 4Hr Timeframe – Bears Dominate as Bulls Fail to Take Uniswap Higher

The 4hr’s MACD highlights bearish momentum after bulls failed to drive UNI higher amid multiple attempts. Such developments attract continued downswings unless significant support floors emerge to interrupt.

The chat indicates four failed attempts by bulls as bearish took control of the marketplace. Each occasion had the asset plunging beneath $10.50 and almost fell beneath $10 multiple times during these ‘bull traps.’ The prevailing bearish trend might see Uniswap exploring the support at $7.82.

Though bears seem committed to dragging UNI down, technical indicators suggest indecision on the coin’s movements. The RSI exhibits conflicting signs as bears and bulls appear not to surrender. For that reason, investors may need to await more articulate signals before executing any new position.