UNI Price Analysis: Upcoming Retracement May Discount Prices By 10%
The Uniswap (UNI) price resonated between the $7.5 and $6.6 barriers for the past two weeks, indicating uncertainty among market traders. This consolidation was meant to show sustainability above the $6.6 flipped support. However, with rising bearish momentum, the coin price couldn’t hold any longer and delivered a decisive breakdown.
Key points:
- The UNI price may drop 9% before hitting a viable support
- The lower band of the Bollinger band indicator situated at the $5.5 mark strengthens the buyer’s defense
- The 24-hour trading volume in the Uniswap token is $654.4 Million, indicating a 52.6% gain.
Source-Tradingview
Amid the recent recovery phase in the crypto market, the UNI/USDT pair soared 130%, recorded from the June 18th low ($3.37) to the July 19th high ($7.71). The buyers knocked out several resistances between this run-up, while the most recent one was $6.6.
However, the coin buyers spent nearly two weeks trying to sustain above the $6.6 flipped support but could not surpass the $7.5 mark. The multiple long-wick rejection candles during the retest phase indicated the exhausted bullish momentum and triggered a bearish pullback.
Today, the UNI price is down 9% and breached the $6.6 support level. A candle closing below this mark would validate a genuine breakdown and may plunge the altcoin 10% lower to $5.8.
Following this support, the UNI chart shows $5.5 and $4.5 levels that could provide a stable footing for buyers to continue the prevailing recovery.
However, a breakdown below the $4.5 support would indicate weakness in buyer commitment, threatening a sweep below $3.4.
Technical indicator
Bollinger band: The indicator’s midline provided dynamic support to UNI price during the recovery phase. However, the coin holders lost this foothold along with a $6.6 breakdown, indicating a significant correction on its way.
RSI indicator: the daily-RSI slope drops to the midline(50%) mark suggesting the bearish sentiment is returning in the market. Moreover, this breakdown would offer an additional confirmation for price retracement.
- Resistance levels- $6.61, and $7.5
- Support levels are $5.82 and $5.5
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