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Uniswap is already down 56% from its all-time high


UNI pricing has not been doing very well. This comes shortly after an airdrop that surprised the entire ecosystem, where users of the decentralized exchange Uniswap received 400 UNI tokens on the day of its launch, and the rapid reach of a maximum of $ 8.6 each unit of UNI.

As this post is being written, the Uniswap token price is $ 3.91 per unit. During the last 24 hours it has fallen by 14.11%, the product of a solid intra-day downtrend.

Uniswap performance in the last 24 hours. Source: CoinMarketCap.

The drop you talked about was made as a reward for everyone who used Uniswap before September 1st.

Thanks to this, at least users benefited from a gift of at least $ 1,200. This value had 400 tokens at the time of launch, but just a day later they were already equal to $ 3,440.

They were more than 450 million dollars distributed in a totally decentralized way, where there was no territorial, social or governmental barrier. For many, more than an airdrop, it was an economic help in a time as hard as the one we are going through.

Surprisingly, the most that airdrop recipients were able to claim recently is almost 3 times what the United States distributed as an economic stimulus. Not to mention countries like Argentina or Venezuela, where the aid was substantial.

Technical analysis of the price of Uniswap, while moving away 56% from its all-time high

Despite all the good that UNI is still talking about, and how bullish it could be for Ethereum with the mining liquidity program formed with 4 ETH-based pools, the price of the token has not been behaving very well for the last few days. .

But rather than thinking about negativism around it, it is most likely that what we are seeing is a corrective process, a product of strong profit taking after a rise that exceeded 700% in just 2 days.

The volume of fall that we are witnessing is much less than that of the volatile rise of the token, but this does not mean that it should be downplayed.

Clearly a product of the losses of the last few days, UNI has been involved in an intra-day downtrend formed by lower and lower highs and lows.

The moving averages EMA of 8 and SMA of 18 periods of 4 hours have been following this behavior, also working as dynamic resistances.

We are looking at the price to seek to visit a nearby demand area close to $ 3.3. If that is crossed, a neighboring one at $ 2.85 will be waiting for you below.

It is still possible that we will soon see an inflow of strong purchases, probably in the named areas, thus resuming the significant upward intention that we saw in the birth of UNI.

Technical analysis of UNI chart, 4 hour time frame. Source: TradingView.
Technical analysis of UNI chart, 4 hour time frame. Source: TradingView.

What do you think? Could it be that Uniswap is going backwards to seek demand that will take it to a new high? Let us know your opinion in the comments!

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