Market Overview for Uniswap/Tether (UNIUSDT): Volatile 24-Hour Drop with Oversold Signals

• Price fell from $9.25 to $9.07 amid strong bearish momentum
• RSI hit oversold levels, suggesting a potential short-term rebound
• Volatility expanded as price traded within a wide Bollinger Band range
• Volume surged during key down moves, confirming bearish bias
• Key support at $9.10 and resistance at $9.23 appear to hold relevance

Uniswap/Tether (UNIUSDT) opened at $9.232 on 2025-09-20 12:00 ET, reached a high of $9.258, and closed at $9.095 on 2025-09-21 12:00 ET, after falling to a low of $9.067. Total volume was 803,631.27 and total turnover was $7,347,476.94 over 24 hours.

Structure & Formations

The 24-hour chart for UNIUSDT displays a bearish bias, with price action forming several key patterns. A large bearish engulfing pattern emerged during the late ET hours as price moved from ~$9.17 to ~$9.10. Multiple doji patterns also appeared near key support and resistance levels, indicating indecision among traders. Notable support levels include $9.10 and $9.067, while resistance is clustered around $9.17 and $9.23. A possible bullish reversal pattern may be forming near $9.095 if buyers manage to push above that level.

Moving Averages

Short-term momentum appears to be weakening as the 20-period and 50-period moving averages on the 15-minute chart remain bearish and continue to slope downward. The 50-period MA has crossed below the 100 and 200-period MAs on the daily timeframe, reinforcing a bearish bias. Price remains below the 50-period MA, suggesting a continuation of the downward trend unless a strong reversal occurs.

MACD & RSI

The MACD has turned bearish, with the histogram shrinking from a positive to a negative value, indicating a loss of bullish momentum. The RSI has moved into oversold territory, dipping below 30 for much of the session, signaling a potential rebound. However, bearish divergence between price and RSI suggests that any bounce may be short-lived. Momentum indicators remain bearish but may be nearing a turning point.

Bollinger Bands

Volatility has expanded significantly, as evidenced by a wide Bollinger Band range. Price has spent much of the 24-hour period near the lower band, particularly after hitting a low of $9.067. A contraction in volatility could signal a potential reversal, but for now, the price remains compressed toward the downside. If price breaks above the upper band, it could indicate a shift in momentum.

Volume & Turnover

Volume spiked during key bearish moves, especially around the $9.10–$9.07 range, confirming the strength of the downtrend. Notional turnover increased significantly during the late ET hours, with the most intense selling pressure observed between $9.17 and $9.09. A divergence between price and volume during the last few hours suggests weakening bearish conviction, but volume remains heavily skewed to the downside.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 24-hour swing from $9.258 to $9.067, the 38.2% retracement level is at $9.14 and the 61.8% level is at $9.178. Price has tested both levels multiple times, with $9.178 acting as a key resistance area. If the price breaks above $9.178, it could signal a potential 78.6% retracement target of $9.23. Conversely, a breakdown below $9.10 could extend the move lower toward $9.04, the 78.6% level.

Backtest Hypothesis

The backtesting strategy involves entering long positions when price closes above the 50-period MA on the 15-minute chart, with a stop-loss placed below the nearest Fibonacci retracement level and a take-profit target set at the 61.8% level. Given the current price hovering near $9.095, this strategy would only activate if price decisively moves above $9.178. A trailing stop could also be applied to lock in profits if the price continues higher. However, the bearish momentum and oversold RSI suggest this setup is more likely to fail in the near term unless strong buying pressure emerges.