Uniswap [UNI] Price Plummets 31% in a Week Amid Market Volatility
The Essentials at a Glance
Uniswap [UNI] has recently broken through key support levels, leading to a significant price drop. Given the current market volatility and bearish signals from crypto derivative data analysis, it is crucial for buyers to monitor specific price levels before entering a long position. This post examines the key levels potential buyers should keep an eye on.
Understanding the Current Market Situation
Following a significant market downturn, UNI fell below key support levels and moved into a zone of relatively low liquidity. The Crypto Fear & Greed Index indicates a strong bearish market sentiment, and sellers’ defence of the $5.7 resistance mark could lead to further volatility in the short term before a potential bullish counter-reaction sets in. Currently, UNI is trading at $5.2, representing a drop of over 31% in the last week.
Key Price Levels for Buyers
The analysis shows that UNI has found significant support near the 9-month trendline, despite the overall downtrend. However, recent market turbulence has led to a steep downtrend, with UNI hitting its nine-month low on August 5th. A bearish crossover of the 20-day and 50-day EMAs below the 200-day EMAs was also observed.
Should market conditions improve, buyers could attempt to retest the Point of Control (POC) level of the VPVR near the $6 mark. However, without a unilateral bullish advantage, UNI may struggle to surpass this level. On the other hand, a likely bearish market could pull UNI into the support range of $3.9 to $4.2 in the upcoming sessions.
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What the Data Says
Analysis of funding rates suggests a strong advantage for sellers. A decrease in open interest with increased volume indicates that many traders are closing their positions due to market fluctuations and profit-taking. Despite the overall market downturn, long/short ratios on Binance and OKX show a strong bullish sentiment, especially among top traders.
Our Assessment
Given the current market conditions and bearish signals, potential Uniswap [UNI] buyers are advised to exercise caution and monitor specific price levels before deciding on long positions. Observing the mentioned key levels and considering the overall market sentiment analysis can help make informed decisions. As always, it’s important to conduct your own research and have a strategy that minimizes risk.
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Sources: Coinglass, TradingView
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