|

Uniswap price action tells traders it is time to say goodbye to $5 handle as more downside pressure underway

  • Uniswap price makes a steep recovery before falling back to the ground on Friday.
  • UNI flirts again with a break below $5.
  • Expect another 10% devaluation as big brother Bitcoin also cracks under pressure.

Uniswap (UNI) price is the sum of everything that is going on in altcoins and cryptocurrencies. First and foremost, the element that Bitcoin is slipping further and has no outlook of getting back above $30,000 anytime soon is weighing on the overall performance of most common cryptocurrencies and altcoins. Add to that the almighty US Dollar that is roaring back after a long absence in 2023, and Uniswap is a sitting duck for bears to attack.

Uniswap price sees other elements in its price action overshadowed by BTC, US Dollar

Uniswap price was on its way to breaking above $5.20 in the ASIA PAC trading session, but the recovery was very short-lived. Bears came back in hard and squandered the opportunity for the Bulls to pare back some losses. The doom and gloom come from Bitcoin, which is sinking toward a two-month low. 

UNI traders might detach themselves from Bitcoin’s performance, though unfortunately as a standalone altcoin Uniswap is facing another difficulty. The strong greenback is gaining strength with the Dollar Index back above 102 and the US Dollar advancing against several major G7 currencies. This makes UNI unable to make a fist against these overpowering bearish elements. This market rather values it at $4.60, which is another 10% lower on this Friday. 

UNI/USD  4H-chart    
    

UNI/USD  4H-chart    

One very small element here could still salvage the situation, and that is from a purely technical angle. The fact that the past three dips were each time higher could point to massive buying from investors that saves it from a breakdown. Look for $5.20 to be broken as confirmation, and from there UNI will rally quickly toward $5.67.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Binance likely hacked for an estimated $6B, on-chain data shows
Crypto exchange Binance is investigating a security breach on Thursday after on-chain data flagged that it has likely been hacked for an estimated $6 billion. In a statement on Thursday, Binance said its security teams were investigating the breach and confirmed that user funds are completely safe.
Ethereum Price Forecast: ETH dips as US PCE inflation reinforces December rate hike

Ethereum fell below $2,300, down 4.8% on Thursday following a rise in US Personal Consumption Expenditure inflation. The PCE Price Index climbed 0.5% MoM and 3.6% YoY in September, matching market forecasts. Core PCE, which excludes volatile energy and food prices, increased by 0.3% monthly and 3.1% yearly, also in line with expectations.

XRP drops 6% despite Ripple's projected $900M annualized revenue
XRP is down 6.6% on Thursday despite Ripple's projections of ending 2026 with $900 million in annualized product revenue. The company reported that its payments network is on track to end 2026 with $150 billion in cumulative transaction volume, with more than 60 payout markets supporting international money transfers.
XRP drops 6% despite Ripple's projected $900M annualized revenue
XRP is down 6.6% on Thursday despite Ripple's projections of ending 2026 with $900 million in annualized product revenue. The company reported that its payments network is on track to end 2026 with $150 billion in cumulative transaction volume, with more than 60 payout markets supporting international money transfers.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.