Uniswap's UNI Token Plunges 10% Amid Leveraged Longs Liquidation

Uniswap's governance token, UNI, dropped by nearly 10% in a 24-hour period on August 12. This decline was largely driven by leveraged long positions being forced out of the market.

The price of UNI fell to around $3.52, which is below every major moving average visible on the four-hour chart. The Relative Strength Index (RSI) has also dropped below 30, indicating unusually stretched downside momentum.

This technical breakdown became self-reinforcing after UNI lost the area around $3.80, where its 200-period simple moving average had been providing an important longer-term technical reference.