FX.co ★ Uniswap: bearish formation to be activated

Uniswap dropped in the short term and now is located at 6.035. The downside pressure is high as Bitcoin turned to the downside as well. Still, a larger drop needs confirmation even if the price action signaled exhausted buyers.

It has dropped by 8.79% from yesterday's high of 6.562 to today's low of 5.985. The altcoin is down by 1.66% in the last 24 hours.

Uniswap Challenges Key Support Zone!

As you can see on the H1 chart, the rate failed to reach the former high of 6.598 and it has registered only a false breakout through the channel's upside line.

Now, it has dropped below the minor uptrend line and it challenges the 6.071 - 6.002 support zone.

Uniswap Forecast!

Dropping and closing below 6.002 activates more declines and brings us new selling opportunities.