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Uniswap: Why $7.3 remains crucial for UNI – Cost basis shift suggests…

The Uniswap market has witnessed significant accumulation despite the ongoing volatility, leading to a critical cost basis shift that underscores the importance of the $7.3 support level. The price of UNI has fluctuated between $15.2 and $6.4 over the past month, leaving many wondering about its potential trajectory.

Recent data suggests that Uniswap’s cost basis distribution has undergone a crucial transformation, with buyers flocking to the asset at this critical juncture. According to Glassnode analysts, the accumulation has resulted in $7.3 being redefined as a significant support level. This newfound importance underscores the magnitude of UNI’s recent downturn.

The data highlights two key trends that have emerged during this period. Firstly, Uniswap has experienced strong accumulation despite market fluctuations. Secondly, the cost basis distribution has dramatically shifted towards $7.3. These developments underscore the necessity for UNI to reclaim and hold onto this crucial level if it is to avoid further losses.

As a result, the asset’s potential trajectory will depend largely on its ability to sustain this support. If buyers continue to accumulate at the current rate, UNI may recover and potentially even surpass $8.3 in value. However, should the price of UNI fall below $7.2, it risks plummeting further to $6.5.

Therefore, maintaining the $7.3 level will be essential for any potential short-term recovery.

Source: https://ambcrypto.com/uniswap-why-7-3-remains-crucial-for-uni-cost-basis-shift-suggests/