UNI price turned red and declined below the $10.00 support. Uniswap is showing many bearish signs and recoveries could face hurdles near $10.00.
- UNI started a fresh decline below the $10.00 support zone.
- The price is trading below $9.50 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $10.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
- The pair might recover but the upsides might be limited above $10.00.
UNI Price Takes Hit
After the SEC news, UNI started a major decline. There was an increase in selling pressure on Uniswap below the $12.00 pivot level. The price declined over 15% and traded below the $10.00 support. It also increased some pressure on Bitcoin and Ethereum.
There was also a drop below the $9.20 level. The price traded as low as $8.72 and it is still showing many bearish signs. There is also a key bearish trend line forming with resistance near $10.25 on the 4-hour chart of the UNI/USD pair. UNI price is now trading well below $10.00 and the 100 simple moving average (4 hours). Immediate resistance on the upside is near the $9.45 level. It is near the 23.6% Fib retracement level of the downward move from the $11.79 swing high to the $8.72 low. The next key resistance is near the $10.25 level or the trend line. It coincides with the 50% Fib retracement level of the downward move from the $11.79 swing high to the $8.72 low.