Because of the conflict between Russia, Ukraine and other countries, crypto markets around the world were shaken hard. Uniswap fell below its critical support level, and it was listed at $8.32. After a 9.9% decline in value, Bitcoin fell off the charts. After the December crash, crypto markets had not recovered.
Altcoins are losing much of their power as tension between Russia and Ukraine is intensifying. Uniswap, for example, has seen its price drop to a yearly high.
Uniswap hit an all time high of $45 for the May month. Last year, however, it continued to fall on its charts. It broke through a number of resistance lines and breached its $12.65 long-held support level.
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Uniswap Price Analys: 4-Hour Chart
Uniswap’s price was $8.32, close to its support level of $7.87. UNI has lost 7% over the past 24 hours and nearly 24% in the last week. The coin tried to stabilize near the $12.65 support level, but UNI moved in a downward trend.
UNI tried to maintain a price floor above $8.36 when the coin crossed the support line. However, the coin fell below $8.36. Uniswap also attempted to rebound from $8.36, and reach the $9.26 mark.
There are chances for UNI to fall below $7.87 support level if the price of the coin trades lower than the $10.01 floor.
For almost a week, the coin was under-bought. This has caused it to reach a new yearly low. This was January 2021, the last time UNI traded above this mark. UNI could trade between $6.87 and $5.88 if the price drops below $7.87.
Justification
Uniswap’s technical outlook was bearish as of the writing of this article. UNI has displayed a bearish outlook for the past week. Market buyers began exiting the market as soon as UNI fell below its $10.01 supportline.
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The UNI was in the oversold zone due to the above situation. Relative Strength Index (RSI) was below the 50% line, which meant that the price was under pressure and there was no buying power in the market. Although RSI has seen a small uptick in the last few days, it was back at the side of the bears as press time.
UNI traded below the 20-SMA, which indicates a bearish outlook. Market sellers were the ones responsible for the current market’s price momentum.
MACD went through a bearish crossover. The coin now shows red histograms. This meant the market trend continued its bearish behavior.