Uniswap (UNI) price encounters resistance near the weekly level of approximately $12 and retraces more than 8% on Monday.
Uniswap price faces resistance at a weekly level of $12.01 and retraces more than 8% on Monday. On-chain data show that UNI’s supply on exchange is increasing, suggesting a potential local price top. Technical analysis shows that UNI has formed a bearish divergence on a momentum indicator. A daily candlestick close above $13.36 would invalidate the bearish thesis. Uniswap price encounters resistance near the weekly level of approximately $12 and retraces more than 8% on Monday.
UNI/USDT 1-day chart Santiment's data on Supply on Exchange illustrates the total amount of UNI tokens held across centralized exchanges , decentralized exchanges , and outside exchanges. An increase in this index suggests potential sell-offs or the formation of local price tops, while a decrease indicates whale accumulation or local price bottoms. In UNI’s case, the Supply on Exchange increased from 67.66 million on June 15 to 68.89 million on June 17.
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