Uniswap (UNI) Downward Correction Hits a Break at the 61.80 Fibonacci Retracement Level

Uniswap has appeared in the second position on today’s top daily crypto movers list after recording a price increase of 2.56%. Meanwhile, the market had faced a rejection at the $10.50 price level in the previous session. As of the time of writing, the market seems to have found support at the $8.94 price level, as the token was able to print minimal gains off that price level.

UNI Statistics:

Current Uniswap Value: $9.25
UNI Market Cap: $5,622,711,521
Uniswap Circulating Supply: 302,446,390
UNI Total Supply: 1,000,000,000
Uniswap CoinMarketCap Rank: 20

Key Price Levels:

Resistance: $10.00, $12.00, and $14.00
Support: $8.00, $6.00, and $4.00.

Uniswap Still Appears Vulnerable

As earlier noted, UNI’s price action so far today has seen minimal upside correction off the support at $8.94. The mentioned price level aligns with the 61.80 Fibonacci Retracement level. Technically, this seems like one of the strongholds of tailwinds. Be that as it may, price movement lies below most of the Exponential Moving Average (EMA) lines.

Simultaneously, the Moving Average Convergence Divergence (MACD) indicator lines can be seen still above the equilibrium level. However, the mentioned lines have a steep downward bearing towards the equilibrium level, which lies below it. Technically, indications arising from this market still suggest that headwinds may still exert bearish influences on the market. This suggest that traders might want to stick to the use of bearish crypto signals in this market.

Headwind Retains the Lead in the UNIUSDT Market

While it appears that Uniswap’s price action may have taken off the found support, a critical examination of the overall trend reveals that headwinds are still at an advantage. The most recent price candle can be seen below the converging 20-day and 200-day EMA lines, while others are farther above.

Also, the last price candle on this chart seems to be demonstrating the effect of downward pressure as a result of the convergence. Meanwhile, the MACD lines lie below the equilibrium level, even though they can be seen turning sideways. By weighing the technical signs, it seems more likely that the market may still fall lower to the $8.50 mark.

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