Uniswap bulls lose $5.7M as UNI tests KEY support – What’s next?

Market Analysis

Uniswap's UNI price plummeted to $8.00, breaking critical $9 support, as the altcoin's trading volume surged 39% amid increased sell-side activity.

Liquidity and Liquidations

The sudden price drop led to over $5.7 million in long positions being liquidated, according to CoinGlass data.

Market Momentum

With selling pressure intensifying in the futures market, downside momentum has strengthened substantially.

Potential Reversal

Despite this, activity in the spot market suggests a potential trend reversal, with demand holding at $8 and targeting a move above $9.

Expert Analysis

Gladys Makena, a Cryptocurrency and Financial Analyst at AMBCrypto, notes that the recent pressure persists, and Uniswap will likely lose the $8 support and drop to $7.6.

Conclusion

However, if demand holds during this dip, Uniswap could hold $8 and target a move above $9.

Author

Gladys Makena is a Cryptocurrency and Financial Analyst at AMBCrypto with four years of market analysis experience.

Disclaimer

AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers.