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The decentralized exchange protocol Uniswap’s mainnet asset UNI coin continues to show significant price fluctuations as it repeatedly struggles to surpass the critical resistance level at $11.64. This situation indicates a strong liquidation point at this price level, contributing to ongoing fluctuations in the coin’s value.
Support and Resistance Levels for Uniswap
Despite these challenges, UNI coin has gained significant value, adding 32.34% over the past month. Although there was a 2.73% correction in the past day and a 1% drop in the past week, UNI rewarded its investors with a 30.34% return this year. Currently priced at $9.652, with a circulating supply of 599.95 million UNI and a market cap of $5.63 billion, Uniswap ranks 20th in the global crypto market.
Price analysis shows that the 50-day Exponential Moving Average (EMA) acts as a support level for UNI coin in the daily timeframe. This technical indicator suggests a high likelihood of a short-term bullish recovery. The Relative Strength Index (RSI), approaching its midpoint, reflects the current uncertainty surrounding UNI’s price movements. Additionally, overall market sentiment remains mixed, with a pronounced bearish trend.
Potential for Price Increase
If the market can keep UNI above the $9.90 resistance level, bullish investors may regain momentum, potentially leading to a test of the significant $11.64 resistance level. Should the bulls maintain their dominance, UNI coin’s price could target the upper resistance level of $13.51 within the month. This scenario would indicate a significant upward move for the altcoin, building on recent gains.
Conversely, if sellers assert their strength and take control, UNI coin’s price could retest the support level at $8.40. A failure to regain bullish momentum could drop the price to the critical support level of $6.92 in the coming weeks. This decline would mark a significant setback for the altcoin, potentially erasing some of the gains achieved earlier in the year.
UNI’s ongoing price volatility reflects broader market dynamics and investor sentiment in the cryptocurrency market. As investors anticipate an altcoin rally, UNI’s performance will likely continue to be influenced by overall market trends and investor confidence.
