UNI Technical Analysis: Falling Prices May Break $5.7 For 20% Drop

According to the technical analysis, UNI prices fall by 11% to test the crucial support of $5.7, teasing a price drop of 20% to the $4.5 mark this month. Today, the UNI prices are trying to gain traction at the critical support level of $5.72 as growing selling pressure suggests a bearish breakthrough. The RSI indicator predicts a reversal with a lower price rejection since it shows a positive divergence. So, should you consider taking gains before the bearish breakthrough, or will the buyers maintain their control around $5.72? Key Points: A bearish breakout of $5.7 will increase the prevailing correction phase momentum. A bearish crossover between the 50-and-100-day EMA encourages price correction. The 24-hour trading volume in the Uniswap token is $121.3 million, indicating a 2.78% loss. Source – TradingView UNI Technical Analysis On August 29th, the UNI price reverted from the $5.7 support level with a bullish engulfing candle of 10%. Thus, starting a consolidation range with the overhead resistance of $6.75. However, the recent correction with a bearish engulfing candle drops the prices to the crucial support level of $5.7 with an 11% fall. The downfall comes with a spark in the intraday trading volume, supporting the possibility of a bearish breakout. However, the bearish follow-through candle shows low price rejection and halts the current correction phase. The downturn below the $5.7 support level will result in a 20% ...