The post Uniswap (UNI) Price Faces Uncertainty as Investors Take Profits Amid Mixed Indicators appeared on BitcoinEthereumNews.com.

Uniswap (UNI) price rallied 42% in a 7-day frame but recently experienced a 4.79% drop. UNI invalidated the long-term sideways pattern and broke out of the $6.66 to $8.25 zone. Investors are taking profits, as indicated by the drop in the Sentiments Market Value to Realized Value (MVRV) from 35% to 25%. Uniswap (UNI), the governance token of the decentralized exchange Uniswap, has recently experienced a significant price rally, gaining 42% in a 7-day period. However, the token’s price action has turned negative, with a 24-hour drop of 4.79%, currently trading at $10.99. Additionally, Uniswap’s 24-hour trading volume has decreased by 36.5% to 332 million, suggesting a loss of momentum in the uptrend. On-chain data indicates increased selling pressure, with investors taking profits and exiting their positions. The recent price action has invalidated the long-term sideways pattern, with UNI breaking out of the $6.66 to $8.25 zone. Despite the bullish breakout, the price is now facing resistance and has started to correct from the $11.5 level. Uniswap’s Uncertain Trend UNI faced rejection at the order block zone of $11.5, with critical support levels located at $10.7 and a stronger one at $8.60. The 4-hour price chart reveals that the asset is approaching a channel pattern, and a breach below the $10.7 support could trigger a significant price drop. The Relative Strength Index (RSI) currently stands at 72.29, above the overbought threshold of 70. This indicates that the asset is overbought, and a drop below this level would be a clear sell signal. However, if bulls resist and push the RSI above 70, a price rebound may be possible. Investors Taking Profits The Sentiments Market Value to Realized Value (MVRV) has dropped from 35% to 25% on Saturday, indicating that buyers who entered the market last month are now sitting on…

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Filed under: News - @ May 28, 2024 1:16 am