CandleFocus Uniswap (UNI) Price Plummets 20%, Market Cap Shrinks to $7.2 Billion
2024-12-20
Author: Content Editor
Uniswap (UNI) has experienced a 20% drop in price in the last 24 hours, leading to a loss of $3 billion in market capitalization. Technical indicators suggest a potentially further decline, with the emergence of a death cross in the Exponential Moving Average (EMA) lines. Key support levels to watch are at $9.64 and $8.5. On the upside, if there is a reversal, resistance levels at $13.5 and $16.2 could be targeted, with the possibility of reaching $19. The Relative Strength Index (RSI) indicates oversold conditions, but a slight rebound suggests selling pressure might be easing. The Average Directional Index (ADX) points to an intensified downtrend, making further downward movement likely. UNI's EMA lines display a bearish setup, with the potential for a death cross, which could trigger a sharper correction. A break above the bearish trend could lead to a challenge of resistance at $13.5, and potentially higher if bullish momentum persists.
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