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Uniswap (UNI) has slipped below the crucial $6.7 support level, raising concerns about a potential extended downturn. This breakdown comes amid increasing selling pressure, signaling that the bulls may be losing their grip on the market.
With volatility rising and market uncertainty growing, the next few trading sessions will be crucial in determining whether UNI can bounce back or if a prolonged downtrend is on the horizon. Will the bulls reclaim lost ground, or is UNI heading for even lower levels?
Price Action and Technical Indicators Flash Warning Signs
UNI’s price action is showing clear signs of weakness as the token struggles to regain momentum after breaking below the $6.7 support level. The recent downturn has intensified bearish sentiment, with sellers dominating the market and pushing UNI toward lower support levels. If buying pressure doesn’t return soon, further losses could be imminent.
The asset has dropped below its 100-day Simple Moving Average (SMA), a key long-term support level. This breakdown suggests a potential shift toward a broader downtrend, especially if UNI fails to reclaim this level quickly. A prolonged stay below the 100-day SMA could reinforce seller dominance, increasing the risk of further declines.
Meanwhile, the MACD has flipped bearish, with the signal line crossing below the MACD line, a classic indication that sellers are gaining strength. Additionally, Uniswap trading volume has declined, suggesting a lack of strong bullish participation to counteract the selloff.
For Uniswap to regain strength, buyers must push the price back above $6.7 with strong volume, invalidating the breakdown. Until then, the risk of more downside toward $5.5 and $4.8 remains high.
Can Uniswap Reclaim $6.7 and Reverse Course?
Uniswap is at a critical inflection point after its recent breakdown below $6.70. As UNI struggles to regain momentum, traders and investors are left wondering whether this drop is just a temporary setback or the start of a deeper correction.
While bears have dominated recent price action, the market questions whether UNI can fight its way back above this key level or if the resistance will hold. If UNI manages to break and hold above $6.7 with robust buying volume, it could indicate that bullish momentum is returning, invalidating recent bearish pressure and signaling a potential trend reversal.
A decisive breakout above this level would restore investor confidence and also attract more buyers, leading to an extended rally. Should this scenario unfold, UNI might gain traction toward $8.7, with a sustained push driving the price to $10.3 and beyond in the coming weeks.
Featured image from Vectorstock, chart from Tradingview.com
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