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Cryptocurrency market fluctuations in recent days have adversely affected the price of Uniswap (UNI). The UNI price experienced a pullback of up to 40% following a warning from the SEC. Now, there are serious concerns about the price’s ability to recover. So, what levels should investors monitor at this point?
UNI Price Analysis
UNI/USD pair’s 4-hour chart shows that the price has started trading below the $10.00 level. In fact, the price has retreated to as low as $9.50 and is trading below the 100 simple moving average. This indicates that a downward trend is prevailing in the market.
A significant indicator is the major drop following the SEC news. UNI faced selling pressure below the $13 pivot level and the price experienced a decline of over 40%. Influenced by the pressure on Bitcoin and Ethereum, the UNI price fell below the $10 support level.
Critical Resistance Levels
Currently, the UNI price is trading well below the $10 level. However, there is an immediate resistance near $9.45. The next significant resistance is close to the $10.25 level or the trend line. If the price overcomes this resistance, further gains could be possible in the short term.
UNI price movements to watch for in the future include a level around $11.80. Surpassing this level could lead bulls to aim for testing the $12 level. Further gains could pave the way for UNI to move towards the $13.50 level.
Is More Loss on the Horizon for Uniswap?
If the UNI price cannot rise above $9.45 or $9.50, further losses may occur. Currently, UNI’s first major support level is around $8.70. If this support is broken, the next main support is close to $8.50. However, an important point to note: if support levels drop below $8.50, the doors could open for a push towards $7.65.
Looking at technical indicators, the 4-hour MACD for the UNI/USD pair is gaining momentum in the bearish zone. This could indicate an increase in selling pressure. Additionally, the 4-hour RSI (Relative Strength Index) for UNI/USD is also below the 25 level, which suggests the selling trend is strengthening.
Key support levels to watch are $8.70, $8.50, and $7.65. However, resistance levels should not be forgotten. In the event of a potential recovery in UNI price, the main resistance levels are $9.45, $10.00, and $10.25.
