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Uniswap has hinted at plans for a Full Sudoswap Support
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Uniswap token is under pressure but remains in an uptrend
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$5.6 is the immediate level to watch should weakness continue
Uniswap UNI/USD is correcting after the recent gains that saw the token top $7.70 on July 19. The token has been largely consolidating since July 16. A breakout of the key levels seems unlikely as weaknesses continue to grow.Â
The latest weakness in the Uniswap token comes amid positive developments on the network. On June 22, Uniswap’s head of NFT products, Scott Lewis, announced plans for Full Sudoswap Support. The integration of Sudoswap, an NFT exchange, will allow the trading of NFTs on the platform. The trading is indicated to start around the fall.Â
The full integration of NFTs through Sudoswap support is positive for Uniswap and its native token. That would detach Uniswap from other platforms such as OpenSea for NFTs. The integration will also enable NFT DEXs and other products on the platforms. The developments strengthen the use cases of UNI.
The news, of course, complements the latest development where the UNI token was listed on Robinhood. We believe UNI is only correcting after the latest gains, and investors should consider buying lower.
Uniswap corrects at a minor resistance as weakness grow
Source – TradingView
Technically, UNI remains on an uptrend despite the latest weakness. The cryptocurrency met a minor resistance at $7.4 and is dropping lower. The MACD line is closing below the moving average, indicating a bearish pressure.Â
We believe UNI will continue dropping to find support at $5.6. A further drop to $4.1 support will depend on the prevailing crypto sentiment. However, we believe UNI has strong fundamentals to make a comeback. Investors should monitor the token.
Summary
Uniswap is bearish but remains solid on an uptrend. Technical indicators suggest a further price drop. Investors should watch for a bullish reversal at $5.6.
