Uniswap Price Analysis: 15 March

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Bearish sentiment took root as Uniswap ^[1] token struggled to climb past $33 over the weekend, and combined with Bitcoin’s ^[2] descent over the past few hours, UNI has taken a hit in the markets as well. It has lost the $31.7 and $30.5 levels to the bears and was headed to $29.3. Uniswap has lost nearly 11% within the past 36 hours and was headed toward the $29.3 area of support once more.

Uniswap 1-hour chart

Source: UNI/USDT ^[3] on TradingView

The short-term outlook for Uniswap was strongly bearish. UNI fell beneath multiple levels of support and was back to trading at the base of the descending channel (cyan) that the price broke out of a few days ago.

Over the next few hours, it appeared likely that a visit of $29.27 would be seen. Repeated retests of a level of support, or resistance for that matter, weakens the said level. This could see $29.3 ceded to bearish pressure in the coming days. Defense of the $29.3 level could see UNI bounce between support at $29.27 and $30.5 in consolidation.

Reasoning

On the hourly chart, the RSI fell beneath neutral 50 and was treading near the 35 value, indicating strong bearish momentum in recent hours. The Awesome Oscillator was also moving beneath the zero line. The previous day noted the AO forming bearish twin peaks setup, and subsequently,

Uniswap Price Analysis: 15 March

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