The UNI technical analysis displays the $5.7 breakdown rally gaining momentum as the global markets crumble under increasing tensions. The UNI price action shows an increase in selling pressure leading to a bearish breakdown of the consolidation range. With a 9% fall, the bearish breakdown of $5.7 releases the trapped bearish momentum. So, will the breakdown rally cross below the next support level of $4.5? Key points: The Uniswap prices drop under the $5.7 mark. The downtrend warns of the fallout of $4.5. The intraday trading volume in Uniswap is $122 Million. Source-Tradingview UNI Technical Analysis The UNI price failed to sustain the $5.7 support level due to the increased selling pressure over the weekend. The 9.18% drop in the Uniswap market value results in a bearish engulfing candle in the technical chart. Additionally, the bearish breakdown of the demand level gives a breakout of the consolidation range in the daily chart. The breakout rally approaches the $4.7 support level reflecting an increase in selling pressure. The reversal from the 50-day EMA leading to a bearish breakout increases the bearish gap between the 50 and 100-day EMA. Hence, the traders can expect a fall to the $4.7 support level. Furthermore, the drop below the $4.7 mark can prolong the UNI correction phase to the $3.5 mark. However, a bullish reversal at the $4.5 horizontal level will bounce the Uniswap prices to $5.7. Technical indicator The RSI ...
