Uniswap Price Crash: Will UNI Bounce or Drop Further?

Uniswap (UNI) has taken a sharp hit, wiping out weeks of steady gains in just days. The price dropped below both EMAs and broke through its ascending trendline from early July.

The Relative Strength Index (RSI) is firmly in oversold territory at 26.90, suggesting the selloff has been aggressive enough for a short-term bounce to be likely.

According to analysts, holding above $3.4534 would open the door to a relief rally back toward the EMA cluster near $3.8330 to $3.9252.