Uniswap Resumes a Sideways Trend as It Faces Rejection at $8.00

The price of Uniswap (UNI) is breaking below its moving average lines, signaling the resumption of a downtrend. After encountering resistance at the recent high, the altcoin quickly fell to the lower price range.

Timeline of Uniswap

Uniswap price analysis reveals that the cryptocurrency is currently trading at $5.77 after a slight increase of 4.47 percent over the last 24 hours. The market capitalization of the digital asset stands at $4.39 billion, and the 24-hour trading volume is recorded at $224 million.

The cryptocurrency market crash this week was quite severe on market participants. However, despite this, Uniswap (UNI) saw an opportunity to highlight why decentralized exchanges might be the better option.

The Uniswap price analysis is highly bullish for today as the coin rallied from $4.77 to $5.87. The bulls took the lead following a descending for the previous day, but overall the cryptocurrency price is in the higher price range as the next resistance stands at $5.87, and the support for UNI/USD stands at $4.77.

Uniswap price analysis indicates the digital asset is currently consolidating at around $5.43. The cryptocurrency market has seen a lot of volatility in the past few days, with prices swinging up and down erratically.

Uniswap's [UNI] liquidity market share has grown tremendously over the past quarter, as per a tweet posted on 7 November by crypto analytics firm Messari Liquidity on @Uniswap nearly doubled its share of the total crypto market cap over the last year and settled at 0.4% market dominance as of the end of Q3.

Uniswap price analysis indicates a major decline in the price value today. The bears have been continually winning over the price charts, as the bearish trend has been quite dominating for the market.

A new report claims that 98% of all tokens listed between 2018 and 2021 on decentralized cryptocurrency exchange Uniswap were scam-related, otherwise known as rug pulls . A typical rug pull scam takes place when developers lure investors into putting their money into new crypto projects created only for them to pull out prematurely.

The most recent Uniswap price analysis confirms a decreasing trend for cryptocurrency today as the coin value has degraded. The market has been following a bearish trend after reaching a high of $7.75 in the last 4-hours, with resistance currently present at $7.74 for UNI/USD pairs.

Uniswap [UNI] made headlines as it stood to be the highest revenue-generating protocol as of 6 November. Furthermore, things also looked quite optimistic for the blockchain owing to a few other positive developments.

The latest Uniswap price analysis shows a massive bullish trend after the bulls reclaimed above the $7.30 level. Resistance for the coin is present at $7.74, However, a break above this level is expected to push the coin towards $8.00 and $8.10 levels in the near term.