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Uniswap’s make-or-break moment: Will $13.20 support hold firm?
UNI must hold the $13.20 support to confirm reversal amid bearish momentum.
As the cryptocurrency market navigates a tumultuous period, Uniswap (UNI) has found itself at an inflection point. With a current trading price of $13.17 and a 24-hour decline of 11.89%, the token’s rebound potential hinges on its ability to hold onto the crucial $13.20 support level.
Recent market developments have contributed to the growth in optimism, as active addresses rose by 1.12% over the last day, signaling slight improvements in network activity. Additionally, exchange reserves decreased by a notable 0.75%, suggesting a moderate reduction in selling pressure and possibly hinting at reduced market sentiment.
However, such gains are conditional on the token’s capacity to maintain this pivotal level of support. Any failure could result in further declines towards $12.88.
The current TD Sequential buy signal on the 4-hour chart has sparked optimism for potential recovery, but UNI must demonstrate its resolve to hold onto the aforementioned support before expectations can be justified.
In this article, we’ll delve into the recent market developments that have given rise to such sentiment and whether these indications of a turnaround are enough to justify an investment in the token.
Source: ambcrypto.com
