Uniswap (UNI) Falls Below Key $6.7 Support Level Amid Selling Pressure
Uniswap (UNI) has fallen below the key support level of $6.7, raising concerns about a potential prolonged downturn. The current market environment indicates increasing selling pressure and bearish sentiment.
Price Action and Technical Indicators
- UNI struggles to regain momentum after breaking below $6.7.
- The price is below the 100-day Simple Moving Average, signaling a shift toward a possible downtrend.
- The MACD indicates bearish conditions as the signal line crosses below the MACD line.
- Trading volume for Uniswap has decreased, reflecting weak bullish participation.
- Further declines are anticipated if UNI does not reclaim the $6.7 level.
Future Outlook
- UNI must rise above $6.7 with strong volume to invalidate recent bearish trends.
- A breakout above this level could restore investor confidence and attract more buyers.
- Potential price targets include $8.7, $10.3, and beyond, should bullish momentum return.
