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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Uniswap Bears Strike Back: Fresh Decline Begins After $12.3 Barrier Holds

Godspower Owie
Godspower Owie
3 months ago
3 mins read
Uniswap

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The attempt of Uniswap to break past the critical $12.3 resistance has fallen short, giving bears the upper hand and triggering a fresh decline. Despite bullish efforts to push higher, selling pressure at this key level proved too strong, forcing UNI into a downward move. This failure to sustain gains above $12.3 has raised concerns about a potential deeper retracement, as sellers look to capitalize on the weakness.

With bearish pressure mounting, UNI’s price action suggests that bulls may need to regroup before attempting another breakout. Will the token find support and recover, or is a deeper decline on the horizon? 

Why Bulls Failed To Break $12.3: Market Sentiment Explained

Uniswap’s failure to break past the $12.3 resistance level highlights a shift in market sentiment, where bearish pressure outweighed bullish momentum. Despite multiple attempts by buyers to push higher, the resistance proved too strong, leading to increased selling activity. This suggests that traders saw $12.3 as a key take-profit zone, reducing upward strength and allowing bears to regain control.

Related Reading

Uniswap

Uniswap Stays On Course For More Gains – $12.3 Resistance In Sight

3 months ago

Another factor contributing to the rejection is overall market uncertainty. If broader crypto market conditions remain weak or investors hesitate to commit to higher price levels, bullish breakouts become harder to sustain.

Uniswap
Uniswap faces risks of deeper decline | Source: UNIUSDT on Tradingview.com

Uniswap trading below the 100-day Simple Moving Average (SMA) combined with a weakening RSI indicates significant bearish pressure. The 100-day SMA, often seen as a key indicator of the longer-term trend, suggests that the market sentiment is tilted toward selling. 

Additionally, the ongoing decline in the RSI indicates that selling pressure is growing stronger. As the indicator drops below the 50% level and moves closer to the oversold zone, it implies that bearish movement is picking up pace.

For Uniswap to regain strength, buyers must reclaim momentum and establish strong support to fuel another breakout attempt. Until then, market sentiment leans bearish, keeping the risk of further downside in play.

Key Support Levels To Watch As Uniswap Slides

As Uniswap slides lower, key support levels will be crucial in determining whether the price can stabilize or if more declines are likely. The first notable support lies around $10.3, which has historically acted as a base for price action. If UNI fails to hold this level, the next area of support to watch is around $8.7, where the price could find more significant buying interest.

Related Reading

Uniswap

Uniswap Consolidates At $17: A Calm Before The Bullish Storm?

5 months ago

Should both levels be breached, UNI might face deeper declines, with $6.7 as the next key support level. These support zones will be key indicators for traders looking to determine whether the price can stabilize or if the bearish momentum will continue to drive UNI lower.

Uniswap
UNI trading at $11.5 on the 1D chart | Source: UNIUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

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Created by industry experts and meticulously reviewed
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