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29.11.2023 10:42 PM
Uniswap: bearish formation to be activated
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Uniswap dropped in the short term and now is located at 6.035. The downside pressure is high as Bitcoin turned to the downside as well. Still, a larger drop needs confirmation even if the price action signaled exhausted buyers.

It has dropped by 8.79% from yesterday's high of 6.562 to today's low of 5.985. The altcoin is down by 1.66% in the last 24 hours.

Uniswap Challenges Key Support Zone!

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As you can see on the H1 chart, the rate failed to reach the former high of 6.598 and it has registered only a false breakout through the channel's upside line.

Now, it has dropped below the minor uptrend line and it challenges the 6.071 - 6.002 support zone.

Uniswap Forecast!

Dropping and closing below 6.002 activates more declines and brings us new selling opportunities.

Ralph Shedler,
Analytical expert of InstaTrade
© 2007-2025
Earn on cryptocurrency rate changes with InstaTrade
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