UNI Tests Crucial Resistance at $9.6 as Traders Eye Sell Wall
UNI, the governance token for Uniswap, is nearing a crucial resistance level at $9.6 after a recent rebound. Traders are eyeing this price point, where sellers historically step in to cap rallies.
The token's journey to $9.6 comes amidst mixed signals from technical indicators. The Chaikin Money Flow (CMF) stands at -0.13, and the Moving Average Convergence Divergence (MACD) is in a bearish crossover, suggesting caution. However, UNI's market capitalization and liquidity profile remain robust, solidifying its status as a leading governance token in the decentralized finance (DeFi) sector.
Analysts have identified $9.6 as a critical 'sell wall' for UNI. CW, a prominent analyst, highlighted this resistance level on X. Previous rallies have struggled to break past similar barriers, often triggering sharp pullbacks. The outcome of the test at $9.6 could determine whether UNI extends its bullish phase or pauses for another retracement. Strong support levels exist at lower price zones, providing a safety net for the token.
UNI is currently trading at $8.23, down 1.54% in the last 24 hours but resilient above $8. As the token approaches the $9.6 resistance, traders will closely monitor price direction and trading activity. The test at this level may define UNI's next move, with potential implications for the broader DeFi sector.
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