#Uniswap Slumps 33% in 4 Days; UNI Can Retest $3.25Past Performance of Uniswap
Uniswap can't resist the crypto gravity. This week alone, the token is down over 30 percent and trading below Q3 2022 lows, a critical support line. Per this formation, sellers can search for entries, unloading on pullbacks, targeting $3.25 in the short term. At this pace, UNI is at risk of crashing toward 2022 lows and caving to register new all-time lows altogether.
#Uniswap Technical Analysis
UNI is down 33 percent when writing and at new Q4 2022 lows, dropping below September support. In a bear breakout formation, traders can unload on every attempt higher, retesting $5.23, targeting $3.25 reading from the development in the daily chart. The breach of the multi-week support line is with high participation levels, pointing to interest. At the same time, the bar is wide-ranging, indicating volatility. This preview will change if UNI recovers above $6.10 with equally high volumes.
What to Expect from #UNI?
Behind UNI's crash are fundamental factors. Alameda Research held a significant chunk of the token and could liquidate, fanning the slump. Therefore, there is a high probability of UNI tanking to June 2022 lows unless there is intervention.
Resistance level to watch out for: $5.3
Support level to watch out for: $3.25
Disclaimer: Opinions expressed are not investment advice. Do your research.
