<em><strong>According to the technical analysis, UNI prices fall by 11% to test the crucial support of $5.7, teasing a price drop of 20% to the $4.5 mark this month. </strong></em>

Today, the UNI prices are trying to gain traction at the critical support level of $5.72 as growing selling pressure suggests a bearish breakthrough. The RSI indicator predicts a reversal with a lower price rejection since it shows a positive divergence. So, should you consider taking gains before the bearish breakthrough, or will the buyers maintain their control around $5.72?
<h3>Key Points:</h3>
<ul>
 	<li>A bearish breakout of $5.7 will increase the prevailing correction phase momentum.</li>
 	<li>A bearish crossover between the 50-and-100-day EMA encourages price correction.</li>
 	<li>The 24-hour <a href="https://www.cryptoknowmics.com/news/why-trading-volume-matters-in-crypto-investment/" target="_blank" rel="noopener">trading volume</a> in the Uniswap token is $121.3 million, indicating a 2.78% loss.</li>
</ul>
<span style="font-weight: 400"> <img class="alignnone" src="https://s3.tradingview.com/snapshots/x/xMuv7vk7.png" alt="UNI/USD Price Chart" width="1834" height="899" /></span>

Source - <a href="https://www.tradingview.com/x/xMuv7vk7/" target="_blank" rel="nofollow noopener">TradingView</a>
<h2>UNI Technical Analysis</h2>
On August 29th, the UNI price reverted from the $5.7 support level with a bullish engulfing candle of 10%. Thus, starting a consolidation range with the overhead resistance of $6.75. However, the recent correction with a bearish engulfing candle drops the prices to the crucial support level of $5.7 with an 11% fall.

The downfall comes with a spark in the intraday trading volume, supporting the possibility of a bearish breakout. However, the bearish follow-through candle shows low price rejection and halts the current correction phase.

The downturn below the $5.7 support level will result in a 20% price drop to the crucial support level of $4.5. Conversely, a bullish reversal may prolong the consolidation range with an overhead resistance of $6.75.
<h2>Technical Indicators</h2>
EMAs: The crucial EMAs (20, 50, 100, and 200) displace the bearish crossover between the 50 and 100-day EMA and gains a bearish gap reflecting an increase in underlying bearishness.

MACD Indicator: The fast and slow lines of the MACD indicator display a lateral trend after the recent merger, failing to give a bullish crossover.

RSI Indicator: The RSI slope displays within the nearly oversold zone but a bullish divergence between the last two dips at the $5.72 support level.

Hence, the technical indicators support the bullish reversal chance in UNI prices with a lower price rejection.

Resistance levels - $6.75 and $10

Support levels - $5.75 and $4.5

UNI Technical Analysis: Falling Prices May Break $5.7 For 20% Drop

The technical analysis shows how UNI prices fall by 11% to test the crucial support of $5.7 teasing further price correction of 20% to the $4.5 mark. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

UNI Technical Analysis: Falling Prices May Break $5.7 For 20% Drop

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