Uniswap Bulls Defend $12.3 Support Level Amid Recovery Efforts
Uniswap is currently testing the $12.3 support level, critical for potential recovery or further bearish momentum. Key points include:
- Bulls are defending the $12.3 support, indicating growing buyer interest.
- Success in maintaining this support could lead to attempts at higher resistance levels.
- The 100-day Simple Moving Average (SMA) serves as a significant technical indicator of upcoming price action.
- The Composite Trend Oscillator is approaching oversold territory, suggesting a possible market reversal.
- A rise from oversold conditions may signify a shift toward favorable buying conditions.
- A break above the 4-hour SMA could initiate a rally towards the $15.7 resistance level.
- Failure to hold the $12.3 level may result in increased selling pressure and a drop towards the $10 support mark.
The upcoming sessions will be crucial for determining Uniswap's price trajectory and the bulls' ability to regain control.
