Uniswap’s (UNI) price slips below THIS key level – Details

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Uniswap: The Rollercoaster Ride You Didn’t Sign Up For 🎢

  • UNI traders might be over-leveraged at $7.47 on the upside and $7.03 on the downside
  • TD Sequential indicator seemed to be flashing a buy signal for UNI, hinting at a potential rebound

So, here we are, folks. Uniswap [UNI] is taking a nosedive, and it’s not even the fun kind of dive where you come up with a refreshing cocktail in hand. Nope, this is the kind of dive that makes you question your life choices. But fear not! According to some crypto oracle on X (formerly Twitter), there’s a glimmer of hope on the horizon. Or maybe it’s just a mirage. Who knows?

Ali Martinez, the self-proclaimed crypto guru, suggests that UNI might just be ready to bounce back. Apparently, the TD Sequential indicator is flashing a buy signal, which sounds fancy but could also mean it’s just having a little tantrum. Who can say?

Uniswap’s latest collaboration supports a bullish view

Now, let’s talk about the latest collaboration between Uniswap, Robinhood, and payment service providers MoonPay and Transak. They’re teaming up to make crypto-to-fiat transactions smoother than a buttered slide. This means that iOS and Android users in over 180 countries can convert their cryptocurrencies into fiat and deposit them into traditional bank accounts. Because nothing says “I’m a responsible adult” like converting digital coins into good old-fashioned cash, right?

But wait! Despite this shiny new partnership, UNI still managed to drop 13% in price. It’s like getting a new job only to find out you’re still broke. At press time, it was trading around $7.25, while trading volume rose by 10%. So, more people are joining the party, but it’s the kind of party where everyone’s crying in the corner.

Assessing Uniswap’s (UNI) price action

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Thanks to its latest bout of depreciation, UNI has paved the way for further downside on the charts. According to AMBCrypto’s analysis, UNI’s outlook might be bearish since it has broken out of three days of consolidation. It’s like breaking up with your partner after three days of awkward silence—nobody wins.

If the altcoin closes a daily candle below the $7.35-level, it could drop by 30% to reach $5.25. That’s right, folks! It’s a rollercoaster, and we’re all just along for the ride. During this thrilling decline, the asset may find mild support at the $6.20-level, which could also serve as a potential rebound zone. Or it could just be a pit stop on the way to the bottom. Who knows?

However, this bearish thesis will remain valid as long as UNI trades below the $7.35-mark. Otherwise, it could be invalidated. It’s like a bad relationship—you keep hoping it’ll get better, but deep down, you know it’s time to move on.

UNI’s major liquidation areas

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A look at the prevailing market sentiment revealed that traders might be shifting their positions too, while heavily betting on the bearish side. It’s like watching a bunch of people jump off a sinking ship while arguing over who gets the last life vest.

Data from Coinglass revealed that traders, at press time, were over-leveraged at $7.47 on the upside and $7.03 on the downside. At these levels, traders have built $1.71 million worth of short positions and $1.01 million worth of long positions, respectively. It’s a financial tug-of-war, and I’m not sure who’s winning.

When examining this on-chain data, it would seem that bears are strongly dominating the asset and could easily push UNI’s price lower in the coming days. So, buckle up, everyone! It’s going to be a bumpy ride!

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2025-03-01 03:06