UNI Price Approaches Oversold Support at $8.48

The price of UNI has declined by 3.77%, falling to $8.92, as Uniswap tests the lower Bollinger Band support. The RSI indicator is at 44.27, indicating that the token is approaching oversold conditions, which could hint at a possible rebound. Technical analysis suggests that the $8.48 support level might provide a foundation for a potential bounce back if buying interest steps in.

Considering that UNI is nearing oversold levels, traders might interpret this as a sign that the downward momentum could slow down or reverse in the near term. The Bollinger Band test at the lower band often signals that the asset is experiencing higher volatility and could bounce from this threshold. However, it's essential to watch for confirmation signals; if the price breaks below the $8.48 support convincingly, further downside could occur.

Uniswap's price movement is influenced by broader market trends and sentiment toward DeFi tokens, as well as technical factors. The oversold RSI and support at $8.48 are notable technical points to watch, but traders should also consider other market dynamics and volume trends to make informed decisions.