The Uniswap Foundation's recent deposit of 9.79 million UNI tokens, equivalent to $4.19 million, into OKX exchange, Falcon X, and CEXs, has led experts to predict a price correction for Uniswap (UNI), which is currently trading at $4.09. The altcoin has remained around the $4.02 support level for the past six weeks. However, a 9.24% drop following a mid-October rally signals a potential further decline.

On-chain metrics and an increase in UNI supply on exchanges from 62.27 million to 65.35 million reflect a bearish sentiment among investors. In addition to this, there has been a 6.57% drop in Uniswap whale wallets holding between 100,000 to 1,000,000 UNI, further indicating investor uncertainty.

The Relative Strength Index (RSI) suggests an 8% correction to $3.70 if the $4.02 support level fails. Increased selling pressure could push UNI down to $3.35, representing a 17% crash.

Despite the bearish outlook, if buying pressure pushes UNI to close above $4.38, it could invalidate this perspective and potentially trigger a 15% upswing to $5.04. This demonstrates the volatility and unpredictability of the cryptocurrency market and the need for investors to stay informed about these rapid changes.

https://www.investing.com/news/cryptocurrency-news/uniswap-faces-potential-price-correction-after-midoctober-rally-93CH-3211336