UniSwap Technical Analysis: UNI Hunts For A Bottom As $2.5 Beckons

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UniSwap Technical Analysis: UNI Hunts For A Bottom As $2.5 Beckons
  • UniSwap bleeds profusely after rejection from $3.6.
  • Initial support is embraced at $3, but UNI/USD looks primed for losses eying $2.5.
  • UNI, the official token of the decentralized finance (DeFi) platform UniSwap, has lost over 13% of its value in the last 24 hours. The downswing came into the picture following a barrier encountered at $3.6. Before the retreat, UNI/USD was on a recovery mission from the primary support between $2.5 and $2.6. An impressive price action occurred after the cryptocurrency stepped above the 50 Simple Moving Average in the hourly timeframe.

    The downswing from the resistance at $3.6 was unstoppable at various levels, including the $3.4, the 50 SMA, and the 100 SMA. On the bright side, buyers’ congestion at $3 absorbed the selling pressure, giving balance to the DeFi token.

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    UNI/USD 1-hour chart

    UNI/USD price chart by Tradingview

    At the time of writing, UNI is trading at $3.05 amid a developing bearish momentum. This tells you that selling pressure was not entirely ousted and that UNI is still hunting for formidable support. A bearish divergence by the Relative Strength Index (RSI) from the price hints that breakdown could continue.

    If the price pierces through the support at $3.0, losses are likely to continue the primary support between $2.5 and $2.6. Rapid price actions are not expected at the moment due to the low trading volume. However, the bearish cloud still hovers, and the longer UNI takes to recover from the dip to $3, the stronger the bearish grip continues. On the upside, resistance is expected at the 100 SMA, 50 SMA, and the crucial level at $3.6.

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    Key Intraday Levels

    Spot rate: $3.05

    Relative change: -0.05

    Percentage change: -1.7

    Trend: Bearish

    Volatility: Low

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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