From mid-June to August, the UNI/USDT token showed steady growth in response to an ascending trendline. This run-up surged the prices by 200%, reaching and forming a local top at the $9.75 mark. However, the bearish reversal breached the support trendline on August 17th, positioning the Uniswap token for a more prolonged correction. Key Points: Losing 0.618 FIB support would indicate weakness in bullish commitment The downsloping 20-day EMA is on the verge of dropping below 50-and-100-day EMA, preparing a solid sell signal The 24hr trading volume of Uniswap has increased by 11% to reach $175.6 Million. Source- TradingView UNI Technical Analysis The UNI coin has plunged below the $6 support zone, registering a 40% loss within a fortnight. However, a bullish reversal can be seen retesting the broken support level. Currently, the UNI token exchanges hand at $5.90, with a 3.11% intraday gain. Furthermore, the coin chart shows a bullish candle retesting the $6 support, indicating the power struggle taking a bullish inclination. If buyers succeed, the resulting rally may surpass the immediate resistance level of $6 and challenge the high supply zone at $6.64. On the other hand, if the bearish cloud continues to influence the crypto market, the UNI price may lose $5.8 support, resulting in a price drop of 20% to $4.6. Will Uniswap(UNI) Prices Boom This October As The Community Jump into NFT Sector? According to Uniswap’s head of NFT ...
