The UNI token’s value dropped beneath the $10.00 mark and has turned red. Uniswap exhibits numerous indicators of a bear market, making it difficult for potential recoveries to surpass the $10.00 threshold.
- UNI started a fresh decline below the $10.00 support zone.
The price is trading below $9.50 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $10.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
The pair might recover but the upsides might be limited above $10.00.
UNI Price Takes Hit
Following the SEC announcement, UNI experienced a significant downturn. Below the $12.00 mark, which served as a pivot level, there was a surge in selling activity on Uniswap. As a result, UNI‘s price dropped more than 15%, falling below the $10.00 support level. This decline also put some pressure on Bitcoin and Ethereum prices.
The price dipped below $9.20 and reached a low of $8.72. It exhibits numerous bearish indicators and there’s a significant downtrend line emerging with resistance at around $10.25 on the UNI/USD 4-hour chart.
The current UNI price is under $10.00 and falls below its 4-hour moving average of $10.13. The next resistance point lies at around $9.45. This level aligns with the 23.6% Fibonacci retracement mark in the downward trend from the peak of $11.79 to the trough of $8.72.
The price may encounter significant resistance around $10.25 or at the trendline. This level corresponds to the 50% mark in the pullback from the peak of $11.79 to the trough of $8.72 based on the Fibonacci retracement method.
If the price stays close to $10.25, there’s a good chance it will lead to further increases in the short term. The next significant barrier may be around $11.80, surpassing which could encourage bulls to push UNI towards $12.00. Any additional growth might propel UNI up to $13.50.
More Losses In Uniswap?
If the UNI price doesn’t reach or surpass $9.45 or $9.50, it may keep declining. Its initial support lies around $8.70.
An approaching significant resistance lies around $8.50. Dropping beneath this resistance at $8.50 could lead to further declines towards $7.65.
Technical Indicators
4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is below the 25 level.
Major Support Levels – $8.70, $8.50, and $7.65.
Major Resistance Levels – $9.45, $10.00, and $10.25.
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2024-04-12 08:10