Uniswap price analysis: bulls face pressure as UNI slides 4.5%

The UNI terms representation suggests bulls mightiness trust connected the enactment of the 200-day elemental moving average

The Uniswap token is changing hands astir $29.30 astatine clip of writing, astir 4.5% down successful the past 24 hours. The terms of this Ethereum-based decentralised speech (DEX) protocol reached a 24-hour precocious of $31.25, but bears tested lows of $28.50 and person remained adamant and sought to antagonistic bullish advances supra $29.

Uniswap is facing proviso unit aft sentiment crossed the crypto crypto turned bearish. The UNI token is successful the reddish conscionable arsenic astir apical coins are, with each the apical 10 cryptocurrencies but Solana (SOL) and Polkadot (DOT) heading southbound astatine clip of writing.

Bitcoin has dipped 2.8% to descent beneath $46,000, portion Ethereum is down 3.4% arsenic bulls effort to clasp supra $3,100. Among these ample headdress cryptocurrencies, XRP has tanked the most, dropping 10% successful the past 24 hours to alteration hands astir $1.17.

Overall, the full cryptocurrency marketplace headdress has shrunk 2.9% to $2.04 trillion, according to information from CoinGecko.

Uniswap terms analysis

UNI/USD inactive trades supra a bullish trendline formed since the rebound disconnected lows of $14.02 connected 21 July. The uptrend has seen bulls interruption supra the 200-day elemental moving average, with a cardinal enactment portion established adjacent $28.15. 

UNI/USD regular chart. Source: TradingView

The RSI remains affirmative supra 65 portion the MACD is besides wrong the bullish zone, though it suggests a imaginable antagonistic crossover. 

In this case, bulls request to clasp supra the ascending trendline to support the main proviso partition astatine $30 successful sight. A wide interruption supra this obstruction could invitation upside unit to $31.25 (24-hour high), from wherever buyers tin past people the absorption portion adjacent $35, and perchance purpose for $40.

On the downside, nonaccomplishment to clasp supra $28.15 could spot UNI diminution to the 200 SMA ($26.51). If bearish unit intensifies abbreviated term, the adjacent enactment level would beryllium astir $23.75.