The price of UNI fell 6.10% to $2.69, hitting its lowest level in weeks. The Relative Strength Index now sits at 25.66, a reading that typically signals an asset is oversold.
Oversold conditions and a possible bounce
Traders watching the chart see a potential technical bounce. The RSI below 30 often precedes a short-term upward move. For UNI, the immediate target sits at $3.20 resistance. That's about 19% above the current price.
But the broader picture looks shaky. UNI trades below all its major moving averages — a bearish setup. The oversold reading may not matter much if selling pressure continues.
Bearish structure below moving averages
Staying under the moving averages means the trend leans down. A failed bounce could send UNI to $2.40 support, a level that held in previous sell-offs. That would be another 11% drop from here.
The technical picture is split: a short-term oversold rebound is possible, but the longer term tilts bearish. Traders are watching whether the $3.20 resistance gets tested or if the decline deepens toward $2.40.
