On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.<\/p>\n
It\u2019s possible that the recent decline in Bitcoin\u2019s value is responsible for UNI\u2019s lag.<\/p>\n
Statistics show that there is a moderately high relationship between UNI and Bitcoin.<\/p>\n
Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin\u2019s price action.<\/p>\n
As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.<\/p>\n
As of this writing, UNI is trading at $6.45,<\/a> up 12% in the last seven days, data from Coingecko show, Friday.<\/p>\n Uniswap Indicator: Bearish<\/p>\n UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.<\/p>\n The momentum indicator is at a bearish low at the moment.<\/p>\n Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.<\/p>\n As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.<\/p>\n During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.<\/p>\n Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.<\/p>\n A Retreat, Or Advance?<\/p>\n A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.<\/p>\n A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.<\/p>\n However, UNI\u2019s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.<\/p>\n This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.<\/p>\n However, UNI has struggled to surpass the $6.49 level of resistance.<\/p>\n A breach of this resistance might initiate a gradual rally toward the $6.7 price level.<\/p>\n As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.<\/p>\n\n UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from Brightnode, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.<\/p>\n It\u2019s possible that the recent decline in Bitcoin\u2019s value is responsible for UNI\u2019s lag.<\/p>\n Statistics show that there is a moderately high relationship between UNI and Bitcoin.<\/p>\n Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin\u2019s price action.<\/p>\n As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.<\/p>\n As of this writing, UNI is trading at $6.45,<\/a> up 12% in the last seven days, data from Coingecko show, Friday.<\/p>\n Uniswap Indicator: Bearish<\/p>\n UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.<\/p>\n The momentum indicator is at a bearish low at the moment.<\/p>\n Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.<\/p>\n As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.<\/p>\n During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.<\/p>\n Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.<\/p>\n A Retreat, Or Advance?<\/p>\n A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.<\/p>\n A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.<\/p>\n However, UNI\u2019s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.<\/p>\n This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.<\/p>\n However, UNI has struggled to surpass the $6.49 level of resistance.<\/p>\n A breach of this resistance might initiate a gradual rally toward the $6.7 price level.<\/p>\n As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.<\/p>\n UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com<\/a><\/p>\n