Uniswap Faces Decline as $12.3 Resistance Proves Too Strong

Uniswap's attempt to surpass the $12.3 resistance has failed, leading to a downward trend in price. Despite bullish efforts, selling pressure at this level was too strong, increasing concerns about a potential deeper retracement.

Reasons for Failed Breakout

Market sentiment shifted as bearish pressure outweighed bullish momentum.
Resistance at $12.3 led traders to take profits, decreasing upward strength.
Overall market uncertainty affected investor willingness to commit to higher prices.
Trading below the 100-day Simple Moving Average (SMA) signals bearish trends.
RSI decline indicates growing selling pressure, moving closer to oversold territory.

For Uniswap to regain upward momentum, buyers need to establish strong support and recover key price levels.

Key Support Levels

First support level: $10.3, historically significant for price stabilization.
Next support level: $8.7, potential area for buying interest.
If both levels are breached, next support is at $6.7, indicating further declines may occur.

Monitoring these support zones will help traders assess whether Uniswap can stabilize or if bearish momentum continues.