Uniswap Price Struggles to Surpass $10 Amidst Low V4 Adoption
Uniswap's price rally has stalled below $10 due to several factors, including a slow response to the recent V4 upgrade and broader market turbulence.
Uniswap V4 Adoption
- Uniswap V4 accounts for 0.01% of total trading volume.
- Uniswap V3 captured 40% and V2 20% of market share within 12 days of launch.
- Users are reluctant to switch from the more established V3.
- This lack of enthusiasm is contributing to downward pressure on Uniswap's price.
Current Price Analysis
- Uniswap trades at $9.65, struggling to exceed the $10.06 resistance level.
- Bearish conditions could lead to consolidation between $10.06 and $8.76.
- A drop below $8.76 may push the price down to $8.23.
- Increased V4 adoption could help surpass the $10.06 level and target $11.96.
Technical Indicators
- The Relative Strength Index (RSI) is at 50, indicating neutral momentum.
- Slight uptick in RSI suggests modest bullish momentum but insufficient for recovery.
- A decisive move above 50.0 is needed for stronger buying pressure.
Source: Messari
Source: TradingView
Source: TradingView