Uniswap (UNI) is currently trading around $5.75, experiencing a decline following a recent surge. Trading volume has dropped by over 15%, and the asset briefly exceeded its high of $6.09 before falling back to around $5.75. This dip comes amidst market fluctuations, resulting in a slight decrease across several cryptocurrencies, while UNI’s trading volume reaches $170 million as of the latest update. 3 wallets associated with Uniswap have recently deposited a significant amount of UNI worth over $60.99 million to Coinbase Prime, a notable event that could indicate upcoming shifts in investor sentiment.
Will this dip be short-lived or will it represent a turning point? The potential for UNI to reach its resistance at around $6.14 remains. A continued upward trend might push prices towards the peak of approximately $8 and even further gains. However, if the trend reverses, Uniswap could fall to the nearby support range around $5.12. A significant downturn in price could lead to a steeper decline toward $4.71, potentially forcing it to retrace even lower.
On-chain indicators offer clues regarding the current trend. The Moving Average Convergence Divergence (MACD) line has crossed above its signal line, suggesting further upside and continued price strength. The Chaikin Money Flow (CMF) indicator at 0.24 indicates strong buying pressure, with money flowing into UNI.
Despite a slight decline in volume, the daily relative strength index (RSI) at 61.12 points to a bullish market sentiment, indicating that buyers are currently in control of the asset. The Bull Bear Power (BBP) value of 0.0792 suggests a slight bullish bias.
Disclaimer: This article’s opinions expressed are solely those of the author and do not constitute financial advice. TheNewsCrypto team urges readers to conduct their own research before any investment decisions.