Uniswap’s (UNI) price chart has been moving sideways, struggling to find support after opening at $5.30. Despite attempts from bullish investors to regain control, the selling pressure has remained strong. Since showing sharp drops in mid-April, UNI has continued its bearish momentum. As of May 2nd, the trend remains in place.
The coin started trading in April at $6.0603, and while it briefly dropped to $5.9461, it rebounded and broke the $6 handle by April 4th. The price remained stable until April 8th, when it fell to $5.9191. Fortunately, the price decline lasted only five days, and by April 13th, UNI was trading over $6 again. It held that level until April 20th, when it fell below the $5 range.
As of May 2nd, UNI is trading at $5.31, indicating a loss of 1.74%. Additionally, market capitalization has dropped 2.05% to $3.06 billion, while UNI’s 24-hour trading volume has decreased by 26.90% to $33 million. Although the bears are currently controlling the market, the bulls are doing their best to retain control.
The UNI price chart is at a level where investors may be hesitant to buy, and current holders may sell due to the current market sentiment. Unless the bulls regain the bullish momentum, the bearish trend could continue.
Based on the Uniswap chart for May 2nd, the coin is directly supported at $4.628. If the bears continue their momentum, the next significant level is at $3.341. The coin will face difficulties breaking through the resistance level of $7.761 with such low momentum.
Since UNI’s price fell below its 50-day SMA on April 18th, this indicator has shown a SELL signal. The coin has also been trading below the 200-day SMA since April 18th, and for the last 13 days, the 200-day SMA has also shown a SELL signal. The relative strength index (RSI) oscillator is at 38.58, indicating that UNI is neutral. The MACD line is also below the signal line and trading in a downtrend, indicating a bearish movement.
In summary, UNI’s price chart shows a bearish trend, with both SMA and MACD indicators showing sell signals. While the bullish investors are trying to regain control, the selling pressure is strong, and the coin’s price is struggling to find support. Unless the bulls regain momentum, the bearish trend will likely continue.