Uniswap’s UNI token has been struggling to garner any strong momentum as of late, with buyers and sellers largely reaching an impasse as the cryptocurrency trades within the lower-$3.00 region.
It has been facing some heightened pressure in recent days due to the intensity of the sell-off seen across the aggregated <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin market. Once again, DeFi tokens are being hit the hardest by this, and UNI is now widely viewed as a benchmark bet on the sector.
Despite the intensity of its recent selloff, analysts are still noting that it may be well-poised to see some further upside in the near-term.
One trader is noting that a move past $4.00 could be imminent, but it is imperative that it first reclaims a key support level that was lost during its overnight selloff.
If it remains below this level, it could be in a precarious position that causes it to see further downside in the near-term.
Where it trends next will likely depend primarily on the aggregated DeFi sector.
Uniswap’s UNI Faces Intense Selling Pressure as DeFi Altcoins Tank
At the time of writing, Uniswap’s UNI token is trading down just under 3% at its current price of $3.035. This