Uniswap (
$UNI ) is currently trading at $6.67, with a market capitalization of $4.19 billion. The token has seen an 8.39% decline in the past 24 hours, with a 24-hour trading volume of $621 million.
*Key Points:*
- *Bearish Trend:* UNI's price action is dominated by sellers, with the token trading below the Bollinger Band basis at $6.731, indicating a bearish short-term trend.
- *Oversold Conditions:* Technical indicators show oversold conditions, with the Relative Strength Index (RSI) at 45.24 and the Stochastic oscillator indicating severe oversold conditions.
- *Support and Resistance:* Major resistance lies at $12.3, while immediate support rests near historical lows in the $2.00 region. Critical support is also seen at $5.91 (24-hour low).
- *Open Interest:* Aggregated open interest has contracted, mirroring the price decline, indicating traders are closing or reducing positions.
- *Future Outlook:* Analysts predict a potential rally to $8.50 in the next 1-2 weeks, with some forecasts targeting $7.50-$10.00 in the medium term. ¹ ²
*Recent Developments:*
- *Team Deposit:* The Uniswap team deposited $77.45 million worth of UNI tokens to Coinbase Prime, raising questions about market dynamics and future price action.
- *Governance Proposals:* Upcoming governance proposals for UNI buybacks and fee burns could reduce circulating supply and positively impact the token's price. ³
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