Uniswap Price Faces Supply Pressure At $6.8; Is Correction Phase Not Over?

The recent correction in Uniswap coin price stalled at the combined support of 0.618 Fibonacci retracement level and $5.7. Over the past two weeks, the altcoin rebounded from this support twice, indicating a high accumulation zone.

Timeline of Uniswap

Uniswap price analysis reveals that the UNI/USD value has been on a steady decline over the past few hours. The value has now dipped below the $7.00 level and is currently trading at $6.56.

Automated liquidity protocol Uniswap [UNI] steered its way to where it was two weeks back, despite many of its counterparts recording good gains. Despite making huge waves a week ago, it was surprising to see UNI's price at the exact zone it was during the crypto-market's capitulation.

The price of Uniswap (UNI) is in a downtrend, but is making positive moves as it breaks above the 21-day line SMA. On July 28, the price of UNI rose to a high of $9.80, but was then pushed back.

The UNI/USDT pair has been struggling to take support at the crucial support level of $5.72 as the increasing selling pressure teases a breakdown. However, the RSI indicator projects the possibility of a reversal with a lower price rejection as it displays a bullish divergence.

The coin market can be described as a gift that keeps giving. There's usually a crypto token to watch out for. This token usually has the potential to increase in value exponentially. Most of the wealth generated in crypto has been from these price surges.

The price of Uniswap (UNI) is in a downtrend, but the cryptocurrency fell to a low of $5.71 on August 28. Last week, UNI was in an upward correction. Today, the altcoin has risen to the high of $6.21.

Uniswap price analysis shows that the digital asset has found stability at $6.37 after receiving a bullish push from the market. The cryptocurrency is currently trading above the $6.00 level and it looks like it is preparing for another leg up in the near future.

Uniswap (UNI/USD) has shown some increased bullish activity in the past two days after a week that was largely bearish. Although there are no major news announcements around the UNI token, there has been a beehive of activities on the Uniswap decentralized exchange (DEX).

UNI investors might be in for short-term upside potential as multiple bullish factors align, favoring a bullish outlook. Here's a brief look at why it might be a good purchase to usher in the last week of August.

The price of Uniswap (UNI) is in a downtrend as the altcoin has fallen to a low of $6.07. The cryptocurrency will continue to decline as the price bars are below the moving average lines.