The UNI price chart displays an increase in selling pressure resulting in a trendline fallout. Will this downtrend cross under the crucial support of $8? Key Technical Points: The Uniswap price has dropped by 15% in the last week. The price actions show a retest phase of the broken resistance trendline. With a market cap of $6 billion, the intraday trading volume of Uniswap has decreased by 6% to reach $152 million. Past Performance of UNI The Uniswap (UNI) prices reverse from the $9.28 resistance level after multiple bullish attempts to rise above the 200 days EMA. The resulting downtrend accounts for a 15% drop over the last week resulting in the support trend line fallout. Moreover, the downtrend threatens a drop below the psychological mark of $8 and 50 and 100-day EMAs to test the $6.73 support level. Source – Tradingview UNI Technical Analysis The UNI price action displays a high number of long wick candles tightening the downtrend continuation in the daily chart. Moreover, the spike in trading volume supporting the downtrend projects a rise in selling pressure. The bullish crossover of the 50 and 100 days EMA struggles to gain a bullish spread due to the recent bearish divergence in the market price. Moreover, the said EMAs are the following bullish levels that may cushion the falling trend. The daily RSI slope breaks under the halfway line reflecting an increase in the underlying bearishness. Moreover, the MACD indicat...
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