Uniswap price has been finding difficulty in recovering the losses it witnessed over the past four weeks, and by the looks of it, some investors are l
Uniswap price trading at $4.60 is standing slightly above the support line at $4.47, which was tested just a week ago by the altcoin. While UNI bounced back, it failed to sustain any rise, resulting in no recovery of the 27.5% drawdown noted around mid-August.
As noted on the Relative Strength Index , the bearish momentum has not completely diminished, and chances of a decline persist. The indicator is still in the bearish zone, just above the oversold zone’s threshold of 30.0. A decline in this area in the past has been associated with a reversal in the momentum from bearish to bullish.But the bullish momentum would only be considered in effect when the RSI breaches the neutral line at 50.0.
, potentially pushing its price up. Should the altcoin breach the $5.02 resistance level, it would invalidate the bearish thesis and send UNI towards $5.50.market. The total value locked on the chain has been declining for months, with another $400 million declined removed from the chain throughout August.Like this article? Help us with some feedback by answering this survey:
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