Uniswap Price Aims for $9 Rebound as Buyers Defend Key Support After Sharp Sell-Off
Uniswap's price is attempting a recovery towards $9 as buyers defend key support levels after a significant sell-off and a contraction in open interest.Summary
Uniswap (UNI) has experienced a period of sideways movement followed by a sharp sell-off, slipping below key support areas and triggering liquidations. Currently trading around $6.25, the coin has seen a significant reduction in speculative leverage, with open interest declining from over 400 million to approximately 151 million. This contraction suggests a market reset with reduced forced liquidations. Market data indicates a cautious approach from participants, with a 2.11% intraday decline and a trading volume of $213.6 million. Technical indicators, including Bollinger Bands and the Relative Strength Index (RSI), suggest potential for a rebound towards $9, with buyers defending the $6 zone. The RSI, at 37.88, indicates relief from oversold territory, but full bullish confirmation is still pending.
(Source：Brave New Coin)