Crypto
Uniswap Price Forecast: Correction Looms as Token Enters Overbought Territory
Uniswap's price surge has lost momentum near $11.51, and analysts are warning of a possible correction. The token's weekly RSI has entered overbought territory at around 73, which can signal a pullback in the coming weeks.
The first major technical target on the downside is the 200-week exponential moving average at approximately $7.83, representing a 15% decline from the current price of $9.11.
A significant cluster of leveraged long positions around $8.87 on Binance's UNI/USDT market creates additional pressure for Uniswap to fall toward this level, exposing an estimated $10.35 million in cumulative long liquidations.