- Uniswap (UNI) drops 7.82% over 24 hours, trading at $17.146, with strong activity shown by a 6.94 million trading volume.
- Price range spans $16.839 to $18.855, with $16 serving as critical support after rejection at the $19 resistance level.
- UNI shows potential for a recovery as DeFi interest rises but risks further correction without maintaining support levels.
Uniswap (UNI) has experienced heightened volatility, dropping 7.82% over the past 24 hours. After reaching an intraday high of $18.855, the token faced strong resistance, leading to a pullback to its current trading level of $17.146. CoinMarketCap shows that the daily low of $16.839 highlights the next key support level that could determine UNI’s immediate future.
Despite the setback, trading activity remains robust, with 6.94 million UNI tokens exchanged over the day. This indicates continued interest in the token, even as profit-taking among traders creates short-term downward pressure. Analysts are monitoring the $16 mark closely, as holding this level could provide the foundation for a retest of higher resistance zones.
Path Forward for Uniswap
Uniswap’s recent rally is part of a broader surge in interest within the decentralized finance (DeFi) sector, reinforcing its position as a top-tier decentralized exchange. The rejection at $19 suggests challenges in overcoming key resistance zones, but the technical picture remains optimistic if support holds.
If UNI maintains its footing above $16, the token could aim for a retest of the $19 resistance level, with further targets at $20 and beyond. Conversely, a breach of the $16 support could signal a deeper retracement, bringing the $14 zone into play as the next major level of interest. Traders will need to weigh the balance between bullish market sentiment and current selling pressure to anticipate the token’s trajectory.
