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- 1 UNI price took support on the demand zone around $6 mark.
- 2 Uniswap crypto is delivering bearish signs and is trading below the 200 day EMA mark.
The Uniswap (UNI) witnessed distribution from the supply zone of $15 and has replicated selloff in the past sessions. The UNI crypto has reached the demand zone of $6 and is intending for a pullback.
The Uniswap crypto price has settled around the $7 mark and made a bottom around it, looking to regain momentum and trying to deliver a short term pullback.
Meanwhile, the price action still favours the bear army and the UNI crypto needs to cross and sustain above the 50 day EMA to flip the trend.
At press time, the Uniswap crypto (UNI) price traded at $7.53 with an intraday gain of 6.89%, reflecting buying strength in the intraday session. It has a monthly return ratio of -30.29% and 43.20% yearly.
The pair of UNI/BTC is at 0.000119 BTC, and the market cap is $6.61 Billion. Analysts are neutral and suggest that the Uniswap crypto may gain momentum and bounce back.
Uniswap (UNI) Selloff Ease, Can UNI Retain Strength?
On the daily charts, the Uniswap price held the gains below the 200 day EMA support zone and is anticipating a rebound in the following sessions. For weeks, the UNI crypto was hovering near the demand zone and was witnessing uncertain moves.
Source: Santiment
The intraday trading volume jumped over 43.90% to $123.04 Million, signifying an increase in the buying interest among the investors. Until the downside of $6 is not breached, the UNI crypto will be an ideal candidate to go long.
Will UNI Bulls Back Into The Game?
This week, the price action of the Uniswap crypto signifies a base buildup around $6 and a decline in the price volatility was noted. The volatility dropped over 2.90% to 0.01.
Source: Santiment
On a positive note, the weighted sentiment data remained above the midline, noting at 0.045, reflects a favorable bullish outlook among investors.
A close above the $8.30 mark may lead sellers in trouble and will result in short covering. The RSI curve witnessed a positive crossover and is heading toward the midline region.
What Does Development Activity and Open Interest Data Indicate?
Per the Santiment data, the development activity data witnessed a follow on up move and stayed on top around 104, reflecting positive data.
Source: Santiment
Likewise, the derivative data replicates fresh long additions and the open interest value spiked over 1.29% to 46.89 Million.
Per the Fibonacci retracement levels, the Uniswap price is still hovering below the 38.2% zone, and is below the mid bollinger band, delivering a decline in the selling pressure.
Conclusion
The Uniswap (UNI) crypto price trades in the bearish region and is in a downtrend for the past weeks. The price action signifies lower low swings and the sellers have persisted in showcasing their dominance.
Technical Levels
Support Levels: $7 and $6.30
Resistance Levels: $8.30 and $9
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
