UNI price bearing witness to unrelenting selling pressure slowed its ascent, trading below $ 2.7
UNI price bearing witness to unrelenting selling pressure that has slowed its ascent and caused it to shatter multiple key technical levels. Analysts are now growing concerned with the cryptocurrency’s near-term outlook, as its latest bout of selling pressure has struck a serious blow to its market structure.
UNI/USD 4-hour chart | Source: TradingView
UNI price continues plunging
At press time, UNI is trading down over 17% at its current price of $2.963. This marks a notable decline from daily highs of nearly $3.4 and only a slight rebound from lows of $2.8. The cryptocurrency is now trading at the lowest levels it has been at since its price peaked at highs of $8.5 in the days following its launch last month.
Until there are catalysts for upside, like the release of Uniswap V3 or a fee distribution proposal, it remains unclear as to whether or not UNI will be able to see any sustainable upwards momentum.
While speaking about Uniswap’s market structure, crypto analyst TraderXO observed that the cryptocurrency shattered multiple key support levels throughout the course of its latest downtrend.
“UNI: Houston we have a problem. I’m still under the impression BTC will drop lower and as for alts, well you know…”
Another trader similarly stated that his gut is telling him to short UNI till $2.5. This is where it does have some notable support that could slow its descent, and possibly spark a trend reversal. That being said, because there are no immediate catalysts that may cause UNI’s price to rise, it is unclear as to how sustainable any short-term trend reversals maybe.
Unless the entire crypto market rebounds in the near-term, it is likely that Uniswap’s UNI will continue facing inflows of selling pressure.
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