Uniswap (UNI) is currently navigating through a turbulent market, with its price recently dropping to $9.36. This represents a 5.17% decrease over the last day. The cryptocurrency is testing crucial support near the $9.30 mark, a pivotal area that has historically acted as both support and resistance. If this level fails, UNI could see further declines, possibly approaching the next support at $8.40.
The trading volume for UNI has seen a remarkable increase, surging 120.66% to reach $393,622,190. This uptick in volume highlights significant trader interest and activity at current price levels, suggesting that many are reacting to the price decline with increased buying or selling, attempting to capitalize on the volatility
Adding to the complex market dynamics, Uniswap Labs recently announced the acquisition of the survival game Crypto: The Game (CTG), as reported in an X post on Monday. This development initially had a positive impact on UNI’s price, signaling potential growth through strategic expansion. However, the broader crypto market downturn has overshadowed this positive news, contributing to UNI’s struggle to maintain key support levels.
Uniswap (UNI) Plunges Below $10.0 Handle: Further Declines Expected?
Technical indicators highlight a crucial juncture for UNI. The cryptocurrency is hovering near a support level of $9.30, with potential downward risks if this level does not hold. The Stochastic RSI at 6.33 suggests that UNI might currently be oversold, which could typically precede a corrective rebound if the market sentiment improves
On the daily chart, the 50-day Exponential Moving Average (EMA) poses a major hurdle for any potential recovery, currently located around $10.24. This EMA has consistently provided resistance, and any attempt to move higher would need to breach this level to signal a change in the short-term trend from bearish to bullish.
If UNI maintains above the $9.90 resistance level, there’s potential for bullish momentum to build, possibly pushing the price to test the significant resistance at $11.640. Should the bullish trend persist, the next target could be the upper resistance level of $13.510 within this month.
However, the scenario could shift dramatically if bearish pressures take hold. Under such conditions, UNI might descend to test the support level at $8.40. A failure to reclaim bullish momentum could further drive the price down toward a critical support level at $6.920 in the upcoming weeks.
