Uniswap (UNI) Price Drops 12.5%, Forms Double Top Pattern
- Price Decline: Uniswap's price has fallen 12.5% over the past four days, dropping from a high of $5.64 on Sunday, indicating a growing risk-averse sentiment among investors that could lead to further price pressure.
- Total Value Locked Decline: Since October last year, Uniswap's total value locked (TVL) has plummeted from $6.9 billion to around $4 billion, reflecting reduced liquidity and increased competition, which directly impacts trading volumes and fee revenues.
- Double Top Pattern Formation: On the 4-hour chart, Uniswap has formed a double top pattern with peaks around $6.5 and a neckline at $5.59; a drop below this neckline could push prices down to $4.70, indicating a bearish trend in the current market.
- Deflationary Mechanism Implementation: Despite the downward pressure, Uniswap activated the UNIfication proposal over the weekend, burning $596 million worth of UNI, marking the protocol's shift to a deflationary state, which could enhance token value in the long term and attract investor interest.
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Technical Analysis for UNI
Technical Sentiment Analysis for Uniswap (UNI) As of , Uniswap (UNI) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for UNI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, UNI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Uniswap (UNI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.342 | 2.094 | 2.915 | 3.667 | 4.488 | 5.24 | 6.061 |
| Fibonacci | 2.094 | 2.695 | 3.066 | 3.667 | 4.268 | 4.639 | 5.24 |
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