UNI Technical Analysis: Buyers Cushion Fallout Rally Near $7

The UNI prices break below the support trendline, dropping all the crucial daily EMAs and endangering the bullish dominance at $7. Key Technical Points: The Uniswap market price dropped by 27% from the 200-day EMA. The price action displays a power struggle above $6.75. With a market cap of $5.08 billion, the intraday trading volume of Uniswap has increased by 5.21% to reach $163 million. Past Performance of UNI The Uniswap (UNI) price action shows a bullish failure to rise above the resistance confidence of the 200-day EMA and the $9.25 resistance level. The increased supply information at the confluence resulted in a downfall below the support trendline to test the crucial support at $6.75. Additionally, the bear cycle accounts for a 27% fall in market value but shows lower price rejection from the support level of $6.75. Source – Tradingview UNI Technical Analysis The UNI price action shows a power struggle at the $6.75 support level, with the 100-day SMA acting as the overhead resistance. Hence, a breakout of either side can provide an entry signal for sideline traders. Despite the downfall, the 50 and 100-day EMA maintain a bullish alignment for the time being. However, the EMAs may give a bearish crossover if the price drops below the $6.75 mark. As the RSI slope takes a lateral shift in the nearly oversold zone, reflecting an increase in underlying bearishness. Moreover, the MACD indicator shows a bear trend but a weakn...