Ethereum
$ 1,217.26 6.96%
Solana
$ 41.44 9.03%
Dogecoin
$ 0.067595 4.95%
ApeCoin
$ 4.51 3.23%
Bitcoin
$ 21,320.00 2.23%
BNB
$ 239.31 3.71%

Uniswap price analysis: UNI on the brink of slumping further after shedding over 15%

Uniswap price
  • Uniswap price on the verge of further downside
  • UNI/USD pair breaches support near $3
  • Number of fresh UNI addresses on the decline
  • Trading volume rising as price falls

Uniswap price overview

Uniswap price is risking further dip after breaching $3.0 support. Uniswap governance token, UNI, is among the biggest hits in the cryptocurrency industry after hitting a total market cap of over $600 million on day one of trading. Sadly, the DeFi token was unable to sustain its initial momentum, depreciating significantly. Its total market capitalization at the time of writing is approximately $500 million.


Uniswap Overview

Uniswap Overview
Coin Symbol Price Marketcap Change Last 24h Supply Volume (24h)
uniswap
Uniswap
UNI
UNI $ 5.49 $ 2.50 B 1.82% 456.49 M $ 143.72 M

UNI price daily recap

Uniswap price analysis: UNI on the brink of slumping further after shedding over 15% 1
UNI/USD daily chart: Tradingview

The UNI/USD pair started the day trading near $3.1105 after closing the previous day trading at $3.1123. Uniswap price currently stands at $2.9780 with a 24-hour trading volume of $509,879,650. Over the last 24 hours, the UNI/USD pair has depreciated by 16.4 percent. So far, the Uniswap price has ranged in between $2.9150 — $3.1189. 

Uniswap price 12-hour chart

Uniswap price analysis: UNI on the brink of slumping further after shedding over 15% 2
UNI/USD 12-hr chart: TradingView

Uniswap’s negative momentum is growing stronger as the above 12-hour chart indicates. The UNI/USD pair nosedived to hit a brief low of $2.47 before rebounding. Fortunately, the bounce-back was pretty solid, and Uniswap surged by more than 45 percent to hit $.65 on October 10. Notably, for the first time, the MACD indicator signalled bullishness. 

On October 12, the UNI/USD pair launched an attempt against the $3.66 support level and unfortunately the resistance was immense. The governance token got rejected and slumped by over 15 percent to the current price of $2.9780. The MACD indicator has started to turn bearish signalling a price drop. Moreover, the trading volume is increasing while UNI value is dropping, which is a bearish signal.

UNI/USD price 1-hour chart

Uniswap price analysis: UNI on the brink of slumping further after shedding over 15% 3
UNI/USD 1-hr chart

Uniswap price action is currently trading in a hostile area, and the bears are still pushing. As such, the selling pressure was not entirely quelled, and the governance token is hunting for firm support. The relative strength index has signalled a negative deviation indicating that the bearish rally might extend.

Uniswap price prediction

The UNI/USD pair has successfully managed to breach the support zone near $3.0, and the bearish market will likely extend towards the fundamental support zone near $2.50 and $2.60. On the other hand, the first resistance point is near the 100 and 50 SMA and the critical price resistance at $3.60. 

The latest bounce back by the Uniswap price action came as a great comfort to investors after a very sharp price decline. If the breakdown continues, UNI could see some significant losses. Furthermore, the number of new addresses joining the platform is diminishing, which is worrying. On September 26, the number of new Uniswap addresses per day was over 4,300, but they have significantly declined to a bottom of 1,400 and are still dropping. This evidently signals that investors are detached with UNI at the moment. The UNI/USD pair could be destined for a drop towards $2.46 if the current bear market prevails. 

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Cryptocurrency Investments To Make in a Bearish Market - Shiba Inu (SHIB), Dogecoin (DOGE), and RoboApe (RBA)
ISO 20022 compliant crypto-list
Bitcoin price analysis: Seller exhaustion makes BTC/USD knock at $21k resistance
Shiba Inu price analysis: SHIB expected to stay bullish for the next 24 hours

Follow Us

Industry News

Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users
BAYC caught in a public opinion storm over Nazi club NFT racism
ISO 20022 compliant crypto-list