While the cryptocurrency market maintains its bullish momentum, the Uniswap price has displayed a strong bearish reversal by losing a significant portion of its valuation. Reportedly, Uniswap recently became the 1st Decentralized exchange (DEX) to hit a milestone of $3 trillion in an all-time trading volume.
Notably, a major contributor was because of the January 2025 improvements, which included improvised gas fees and supporting ETH. With this, investors are curious about the short-term price prospects of this altcoin. Moreover, questions like “Will Uniswap go pp?” have largely surged over the past few days.
UNI Price Drops Approximately 15% Within Hours!
The Uniswap price has lost 5.46% in 24 hours, resulting in it breaking down its important support level of $6.40. Moreover, with an intraday trading volume of $283.67 million, its market cap has dropped to $3.93 billion with a fully diluted value of $6.24 billion.
The Relative Strength Index (RSI) has displayed a sharp decline in the daily time frame toward the neutral point. Moreover, the average trendline is on the verge of experiencing a negative convergence, suggesting a bearish outlook for the coin this week.
On the other hand, the EMA 50-day acts as a strong support to the Uni coin price chart in the 1D time frame. Furthermore, the 200-day EMA displays a resistance zone around the $8 mark. This indicates an increase in the price volatility for the altcoin in the crypto market.
Will Uniswap Price Go Up?
Suppose, a bullish trend reversal occurs, this could result in the Uniswap price retest its resistance level of $6.5. Furthermore, if the bulls maintain momentum, this could result in the price of this altcoin toward its upper price target of $8 this month.
On the contrary, if the bears dominate the cryptocurrency market, the UNI crypto price could drop toward its $5 mark. Furthermore, if the bulls fail to regain momentum at that point, this may result in it plunging toward its crucial support level of $4.70 in the upcoming time.
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