Cryptocurrencies are the worst performing asset class today. Steep drops can be spotted across the digital assets market with bing names like Bitcoin or Ethereum dropping over 4-6% lower. Uniswap is one of the worst performing with a daily drop of over 10% at press time. However, taking a look at UNISWAP at H4 interval, we can see that the ongoing drop is not too unusual and does not stand out much on the chart. Stock is attempting to make a break below a lower limit of recent short-term trading range in the support zone, marked with 23.6% retracement of a recent upward move. If the sellers manage to deliver a decisive break, the range of a potential downside break hints at a possibility of an around-$1 move lower. However, before this range is realized, the coin would need to break below the lower limit of a local market geometry at around $6.22, what would hint at reversal of short-term trend.
Source: xStation5
