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- 1 UNI’s price is currently trading at $4.597, with a 20.77% increase in the 24-hour trading volume.
- 2 The price of UNI is facing a decline of 8.47% in the last 7 days and may see a bullish reversal soon.
The price of the UNI recently broke its support with a bearish candle though the buyers are attempting to propel the price up. At the moment, the UNI price is trading near its last line of defense. If the token does not receive buyers’ approval and support from the current levels it can see a 30% decline soon.
The present value of the UNI token is $4.596, with its Market cap at $2.66 Billion.
A Slight Rise in Fees and TVL of UNI Token
The TVL of the UNI coin is currently projecting bullish sentiments from the buyers. The value reached its all-time high on 4 May 2021, around $9.912 Billion. After taking an immense fall where the TVL lost half its value, it is now regaining buyer support. The TVL of Uniswap is 4.04 Billion.
The fees generated by the UniSwap Platform are also recovering after witnessing a decline in early January. The current value of annual fees generated by UniSwap is $595.46 Million.
Medium Volume and Bearish Sentiments in UNI Token
A slight decrease in the bearish sentiments of the investors over the past few weeks. The total bullish sentiment metric has declined by 57.5%, whereas the medium volume has surged by 27.27%.
The 24 volume has appreciated by 20.77%, indicating an incline in the buying and selling activity between the investors, according to LunarCrush.
Technical Analysis of UNI Price
The RSI line is constantly taking resistance from the medium line from the previous few days. The current value of the RSI line is 33.52 points, whereas it takes rejection from the 14 SMA at around 40.64 points.
The stochastic RSI has reached an oversold level after making a double-top pattern near the supply zone. The current value of Stochastic RSI is 13.46 points.
Final Thoughts
The price of UNI is observing a surge in selling pressure. Despite the severe selling pressure, market oscillators have reached the demand zone on the daily timeframe suggesting that the price is undervalued at present. This fact may attract prospective investors to enter the market.
Technical levels
Support – $4.500
Resistance – $7.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
