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Uniswap Price Struggles Below Key Averages as Traders Watch $9 Support
Uniswap Price Struggles Below Key Averages as Traders Watch $9 Support
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BTCCSquare news:
Uniswap's price action hints at a looming test of the $9 support zone, a critical level under scrutiny by exchange traders. The asset's failure to hold above key moving averages signals weakening momentum, with the 9-day EMA crossing bearishly below the 50-day SMA. Market structure paints a concerning picture—a rounding-top formation with successively lower highs since the $12.30 peak.
Volume tells the story of distribution: anemic buying interest contrasted with aggressive selling pressure. The $9 floor represents make-or-break territory; a breakdown targets the $8.20-$8.50 demand zone from mid-2023. Overhead resistance clusters between $10.20-$10.50, where any rally WOULD face immediate supply.
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