UNI price has been trying to form a lower $ 4 area as a strong base of support throughout the past few days and weeks, with buyers and sellers largely at a standstill as it fluctuates just above this level. UNI has been affected by the recent Bitcoin selloff due to news regarding the CFTC’s decision to adopt fees on BitMEX. But at press time, UNI is up nearly 5%, hovering around $ 4.27.
Although BitMEX does not serve US clients and is on an international scale, this news still astounds investors and has ripples on the market as a whole. This has severely hit altcoins like UNI, but it is clear that UNI has rallied and rallied above $ 4 as the bulls were able to maintain its position above $ 4.
Uniswap’s UNI price struggles to hold $ 4 as the cryptocurrency market drops
Uniswap’s governance token has struggled to find any significant buying pressure over the past few days. It rallied at $ 4 yesterday, but Bitcoin’s drop halted its rally to $ 10,500 that followed the news surrounding BitMEX.
At press time, UNI is trading up just nearly 5% at its current price of $ 4.27. The bulls are trying to avoid it seeing a sustained breakout below $ 4, as this could strike a fatal blow to its medium-term outlook.
So far, it has protected from a drop below this level, but its next trend will likely depend on Bitcoin. This is how high the UNI level could be if the Bulls reversed the ongoing sales.
Assuming that the ongoing sell-off is reversed through a strong rally at $ 4, it is likely to rise further significantly.
The Cuban analyst explains that he is looking to move towards its key resistance level of around $ 4.75.
“Took this UNI long reclaim on the small size, in from $4.19 and pyramiding heavier with a rough target of $4.75.”
Because Uniswap’s token is still closely monitoring the synthetic cryptocurrency market, where Bitcoin’s trend in the coming days and weeks will impact its technical outlook. However, if it continues to hold above $ 4, another bull run is likely imminent.
Read more:
- Yearn.Finance (YFI) Price Remains Down Around 15% – 20% Since The Bug From Eminence
- ZCash (ZEC) Price Jumped 6% Following Gemini’s Announcement To Integrate It For Shielding Its Withdrawals