Cryptocurrency price update: UNISWAP(UNI) PRICE ANALYSIS : UNISWAP prices are less than $6. Face High Selling Pressure

The UNI/USDT token steadily increased from mid-June to August in response to an increasing trendline.

This run-up increased prices by 200%, reaching and creating a new high at $9.75. However, on August 17th, the bearish reversal surpassed the support trendline, preparing the Uniswap token for a more sustained drop.

The UNISWAP coin is now trading at $5.95, indicating a 3.61% intraday gain. Furthermore, the coin chart shows a bullish candle retesting the $6 support, indicating that the power battle has taken a positive turn.

According to price analysis, If investors succeed, the resulting rally might break the $6 immediate resistance level and target the $6.64 high supply zone. If the bearish clouds continue to impact the crypto market, the UNI price might lose $5.8 support, resulting in a 20% price drop to $4.6.

Short-sellers are further supported by the MACD and signals falling below the neutral line. Furthermore, the increasing red bars in the histogram indicate constant market selling.

The RSI slope approaching oversold area suggests that traders have overextended their selling activity. As a result, the oversold RSI may attract more buyers at a discount, causing a temporary relief rally.

If UNI breaks over the $6.40 resistance level, it may continue to rise. On the upside , there is immediate resistance at the $6.70 level and the high to $8.

The next major support is at $6.00. A close below the $6.00 support level might trigger a sharp decline. In the aforementioned scenario, the price may fall towards the $5.00 level in the following sessions.

KEY LEVELS :

RESISTANCE LEVEL : $6.70-$8.00

SUPPORT LEVEL : $5.50-$4.70

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