Uniswap Price Plummets 20% as Head-and-Shoulders Breakdown Intensifies Selling Pressure

Uniswap's price has plummeted nearly 20% over the past week to $3.23 as a head-and-shoulders breakdown, weak capital flows, and cascading long liquidations intensify selling pressure.

The token fell as low as $3.17 on August 14 before recovering slightly to $3.23, with daily losses of almost 7% and weekly declines of nearly 20%. This downtrend began after Uniswap's early-August peak near $4.59.

According to the daily chart, sellers pushed Uniswap below key Fibonacci retracement levels at $4.10, $3.72, and $3.46, with the token now testing the 38.2% retracement level at $3.19.

A daily close below this support would weaken it and expose the 23.6% Fibonacci level at $2.86, potentially sending Uniswap toward the psychological $3.00 mark or its June low of $2.32.