Uniswap (UNI) Price Prediction: UNI/USDT Breaks Support at the $8.80 Price Level
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Uniswap (UNI) Price Prediction: July 4
Following the most recent bounce off the support at the $8.79 mark, Uniswap’s price action turned bearish. This appears to stem from the fact that buyers were unable to create significant buying pressure. Subsequently, the market dived, and this trend has extended into today’s trading activities. Nevertheless, the token still stands at a considerably higher level than its launch price of below $2.80.
UNI/USDT Long-term Trend: Bearish (Daily Chart)
Key Price Levels:
Resistance Levels: $9.00, $12.00, and $15.00
Support Levels: $8.00, $6.00, and $4.00
Price action in the UNI/USDT market has continued to fall after breaking the support at the $8.79 mark. Today’s trading has seen the market extend its downward correction further below the 200-day Exponential Moving Average (EMA) curve. This effectively places the coin below all the EMA lines. Similarly, the Stochastic Relative Strength Index (SRSI) lines continue to indicate a bearish trend through the extension of their downward crossover below the 40 mark of the indicator.
Uniswap Price Prediction: UNI/USDT Eyes a Technical Support Level
Technical indicators suggest that the Uniswap market is bearish and may head further lower to seek support. The ongoing trend has remained considerably bearish, and from its position below the EMA lines, there is potential to extend towards lower price levels.
Likewise, the SRSI indicator has also confirmed that downward forces are currently in control. The mentioned technical indicators have delivered a bearish crossover below the 40 level. This effectively suggests that upside forces are weak and have relinquished control of price movement. If the defense at the $8.00 level fails, we may see an extension.
UNI/USDT Medium-term Trend: Uniswap Seeks an Extension to Its Downward Correction (4H Chart)
A new session has begun in the Uniswap 4-hour market, and the corresponding price candle reveals that bears are already in the lead. However, the price candle still stands above the technical support level at the $8.00 mark. It is worth noting that price activity is still below the EMA lines and that the SRSI lines are still in the oversold region.
Based on market indications, headwinds are still in control. Therefore, traders can anticipate that the market will hit the $8.00 mark soon. If a rebound fails at that price mark, the downward correction may extend further towards the $7.50 price level.
