Uniswap Price Loses Significant Levels, What’s Coming Next?

google-news-img

Top Stories

  • Uniswap crypto was outperformed by 54% of the top 100 crypto assets in the last 1 year.
  • The UNI token had medium supply inflation at the time of writing.

The Uniswap (UNI) token had 382K holders when writing. Additionally, its top 10 holders had 50.86% of the total supply.

Uniswap Token Price Overview Chart | Source: CoinMarketCap

The token’s market cap advanced by 2.2% in the last 24 hours from the press time. This resulted in a market cap value of $3.574B, boosting the Uniswap price.

The token’s traded volume was flat, followed by a slight increase of 1.6% in the last 24 hours from press time. This was followed by a traded value of $82.299M, leading to a volume/market cap ratio of 2.3%.

As per Coincodex, Uniswap crypto’s sentiment was bearish, and the fear and greed index showed fear among investors. The price was also highly volatile, resulting in 6.83%. UNI token also has a strong market presence, resulting in a market cap dominance of 0.17%.

The Total Value Locked for the token has witnessed a decline in the last few days. It was valued at $4.441B at press time. The token’s liquidity was worth $52.41M, after which the token raised a total amount of $176.0M.

Uniswap Token’s Derivatives Volume Stays Flat, What’s Cooking Inside?

The Uniswap token’s open interest advanced by 9.8% in the last 24 hours from the press time. This showed a slight surge in the token’s open positions in the previous 24 hours.

Uniswap Token Derivatives Liquidation Chart | Source: Coinglass

The Uniswap token witnessed higher long liquidations in recent days. This showed sellers’ dominance over the token price, followed by a long liquidation of $234.54K in the last 24 hours. Additionally, the shorts liquidated in the token were valued at $40.94K.

Also, the derivatives traded volume value in the token advanced by 9% in just the last 24 hours. It resulted in a traded value of $118.44M.

Where Are the Uniswap Token’s Technicals Leading the Price?

The Uniswap crypto has been entrenched in a prolonged downtrend characterized by lower lows on the technical chart.

UNI Token Daily Technical Chart | Source: TradingView

This persistent decline culminated in the formation of a symmetrical triangle pattern, a classic indicator of market indecision. On March 6, 2024, UNI reached a swing high of $17.033.

However, since then, the token has experienced consistent profit-taking, resulting in a substantial loss of 70% of its value.

The situation worsened when the Uniswap price broke below the triangle pattern. This further eroded its value and solidified a bearish outlook.

The price’s inability to recover from these lower levels underscores the sellers’ dominance in the market. It highlighted a period of strong bearish behavior. As a result, UNI remains under significant pressure, with the potential for further declines if this trend continues.

What Do Uniswap Token Technical Indicators Exhibit About The Price?

The UNI token price has been trading below both the 50-day and 200-day EMAs on the daily chart. It indicated a sustained bearish trend.

This bearish sentiment was further confirmed a few days ago when the EMAs formed a death cross. It reinforced the prior downtrend in UNI’s price action.

UNI/USD Chart by TradingView.com

Adding to the uncertainty, the MACD signal displayed mixed signals. While the MACD and the signal line formed a bullish crossover, the overall metrics remained negative.

It was accompanied by the histograms showing bullish tendencies. This contradictory behavior suggested indecision in the market regarding the Uniswap price direction.

On a more positive note, the RSI recently broke out above the 50-level and the 14-day SMA, signaling a short-term rise in bullish momentum. This uptick in buying pressure could provide some relief to the UNI token.

The UNI token may find support at the $3.80 and $4.70 levels. However, it faces significant resistance at $12.00 and $17.00, which could challenge any further upward movement.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Ad

Trending Now

Read More

This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.