UNI Price Prediction – Uniswap Recovery Could Remain Capped

Aayush Jindal

Last Updated: June 11, 2024 2:42 pm

2 mins read

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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.

Source: UNIUSD on TradingView.com

A close above the $10.25 level could open the doors for more gains in the near term. The next key resistance could be near $11.80, above which the bulls are likely to aim a test of the $12.00 level. Any more gains might send UNI toward $13.50.

More Losses In Uniswap?

If UNI price fails to climb above $9.45 or $9.50, it could continue to move down. The first major support is near the $8.70 level.

The next major support is near the $8.50 level. A downside break below the $8.50 support might open the doors for a push toward $7.65.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is below the 25 level.

Major Support Levels – $8.70, $8.50, and $7.65.

Major Resistance Levels – $9.45, $10.00, and $10.25.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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