After the recent market crash, Uniswap [UNI] slipped below key support levels alongside its peers as it fell toward a relatively low liquidity
slipped below key support levels alongside its peers as it fell toward a relatively low liquidity zone at press time.
If the sellers continue to defend the $5.7 resistance, UNI could see short-term volatility before witnessing a bullish rebuttal. UNI traded at $5.2 at the time of writing, down by over 31% in the past week.The altcoin’s extended bullish run saw a reversal from around the $13 support in early April this year. Since then, UNI found support near the 9-month trendline resistance despite the downtrend.
Uniswap also saw a bearish crossover, with 20-day and 50-day EMAs falling below the 200-day EMAs. In the meantime, the price action was in a relatively low liquidity zone per the VPVP indicator. On the other hand, a likely bearish edge in the market can pull UNI down toward the $3.9- $4.2 support range in the coming sessions.
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