Uniswap (UNI) Price Analysis
Bearish sentiment has taken center stage on Uniswap (UNI) this week, with the price dropping sharply since Monday, allowing bears to break through key support levels. After breaking above $9 on Sunday, UNI attempted to break above $9.50. However, it was rejected at this level and fell 1.46% to $9.14. On Tuesday, bears continued to dominate the market, with UNI falling to $8.98. Falling more than 5.10% on Wednesday, UNI fell below the 200-day moving average (which acts as a dynamic support level) to close at $8.53. UNI is down just over 5% on the current trading day as bears look to push the price below $8.
So, where is UNI headed next? If bears continue to dominate the market as they have in the past, we could see prices fall below $8. If UNI can bounce off this level, we could see prices break above $8.50 and then head towards $9. However, the current situation of cryptocurrencies is still bearish.
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