UNI price turned red and declined below the $10.00 support. Uniswap is showing many bearish signs and recoveries could face hurdles near $10.00.
UNI started a fresh decline below the $10.00 support zone.
The price is trading below $9.50 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $10.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
The pair might recover but the upsides might be limited above $10.00.
UNI Price Takes Hit
After the SEC news, UNI started a major decline. There was an increase in selling pressure on Uniswap below the $12.00 pivot level. The price declined over 15% and traded below the $10.00 support. It also increased some pressure on Bitcoin and Ethereum.
There was also a drop below the $9.20 level. The price traded as low as $8.72 and it is still showing many bearish signs. There is also a key bearish trend line forming with resistance near $10.25 on the 4-hour chart of the
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