Uniswap Price fell 20%; Will UNI break $3.500 in the downfall

• Uniswap Price Prediction turned bearish for the long term till it trades below $5.00.
• The Uniswap Price fell 20% overnight due to sell off in the overall cryptocurrency market.
• Uniswap crypto price is in downtrend and trading below the 50 and 200 day EMA.

Uniswap Price Prediction suggests UNI turned bearish for the long term till it trades below the $5.00 level. The Uniswap Price is continuously declining by forming lower low swings which shows the dominance of sellers. 

Uniswap Price fell 20% overnight and broke down the crucial support of $4.686. The recent downfall shows the fear in the overall crypto market and investors seem to be cashing out their investment. 

Uniswap crypto rejected the 200 day EMA and slowly it dropped below the 50 day EMA indicates downtrend. The downward sloping trendline confirms the downtrend and it will act as an immediate resistance in the coming weeks. 

Uniswap crypto witnessed a sudden rise in the selling volume shows that some genuine investors have exited on higher levels. However, the price is approaching the crucial support of $3.333 and other investors are keeping an eye on it. The breakdown will trigger the further sell off. 

Uniswap Price is trading at $3.802 with an intraday decline of 17.06%. The 24 hour volume to market cap is 0.0635. Well, the pair of UNI/BTC is trading at 0.0001497 with a decline of 13.46%.

Will Uniswap Price be able to defend $3.500?

Uniswap Price consolidated in the wide range between $5.000 to $7.500 for quite a long period of time. It made investors believe that $5.00 is the strong base and the possibility of downside expansion is low. 

However, the recent fall has broken down the long term base. So, $5.00 has now become a strong supply zone and any short term bounce will face hurdle on higher levels. 

On the lower side, $3.333 support is visible in historical charts and buyers will try their best to defend the support. However, if the situation gets worse and sellers dragged the price down below $3.333 then more downside will open. 

The technical analysis suggest, The downfall in the UNI price looks real but buyers will not easily give up the $3.500 support zone.

The downfall in UNI Price is not normal

UNI Price fell 22% in the current week which is not normal. The investors seem to be losing confidence and fear of more downfall is visible. Uniswap crypto has lost the top 10 rank due to massive selloff which eroded the market capitalization. 

Presently, UNI is ranked 24 which is far away from previous ranks. The MACD has negatively crossed and the curve is sloping downward. The histogram bar is also declining indicates bearishness might continue for some days. The RSI at 20 collapsed down and entered into the oversold territory. 

Conclusion

Uniswap Price Prediction suggests UNI crypto turned bearish for the year 2023 till it trades below $5.00. 

UNI price breakdown the lower range of the 8 months consolidation and expanding downside. However, the price has corrected a lot and buyers might succeed to defend $3.500 support.

Technical levels

Resistance levels: $5.000 and $6.000

Support levels: $3.500 and $3.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.