Uniswap price attempts recovery after 10% slump for UNI even as network unveils new updates
- Uniswap price recorded a 10% slump as crypto markets crashed on December 10, revisiting the lows of $5.944.
- With a recovery rally in play, UNI could plough back the ground lost as network unveils new features on Uniswap app.
- A break and close below the $5.944 support level would invalidate the bullish thesis.
Uniswap (UNI) followed Bitcoin in the December 10 crash, having started its own on December 9, in what culminated in a 14% drop. However, recovery efforts are already in play, drawing tailwinds from new product and feature releases expected to influence more capital inflow into the UNI market.
Also Read: UNI price likely to recover with these developments in Uniswap ecosystem
Uniswap feature releases expected to drive volatility in the UNI market
Uniswap (UNI) price could benefit from new wallet updates on the Uniswap app, including the ability to swap tokens on Layer 2 (L2s) without switching networks. Other elements mentioned include automatic detection for fee on transfer tokens, protection against front running and sandwich attacks, faster swaps with shortcuts, and the ability to access and view balances in seven languages and 18+ new currencies as indicated on the network’s X social media account.
Wallet updates are live!
— Uniswap Labs (@Uniswap) December 11, 2023
Seven languages, 18+ currencies, swap protection, and more.
What latest features will you find in the Uniswap app?
Uniswap price outlook as UNI attempts recovery rally
Following the stark fall, Uniswap price is trying to nurture a recovery rally on the daily timeframe with the position of the Relative Strength Index (RSI) above 50 and the Awesome Oscillator still in the positive territory inspiring hope.
Increased buying pressure above current levels could see Uniswap price extend to test the supply zone ranging from $6.321 to $6.690. To confirm the continuation of the intermediary trend, UNI market value must record a decisive daily candlestick close above the midline of this order block at $6.514.
In a highly bullish case, Uniswap price could flip the supply zone into a bullish breaker, using it as the jump-off point to target the range high at $7.130. Such a move would constitute a 16% climb above current levels.
UNI/USDT 1-day chart
On the other hand, a subsequent rejection from the supply zone could see Uniswap price drop lower, potentially losing the $5.944 support level. A break and close below this level on the daily timeframe would invalidate the overball bullish outlook,potentially setting the tone for UNI to drop towards the $5.500 level or in the dire case, extend a leg lower to the $5.000 psychological level. Such a move would denote a 20% drop below current levels.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
