The value of UNI, the native token of DeFi exchange Uniswap, has dropped by 15% compared to last week, prompted by news of a potential enforcement action by the US SEC for alleged securities law violations. Currently priced at $9.08, UNI has experienced a 2.1% loss in the last 24 hours. Although these losses signal a significant downturn, they fall short of a crash. Notably, UNI’s overnight depreciation is the most substantial among the top 20 cryptocurrencies by market cap, trailing only Toncoin (TON).
TON, Telegram’s cryptocurrency spin-off, saw a 3.6% decline overnight and is now trading at $7.13. While this decline contrasts sharply with the performance of other leading cryptocurrencies today, TON remains 37.5% higher than its value last week, thanks to recent notable rallies.
UNI’s chart reveals significant growth spurts for token holders, notably on Friday, February 23, and Wednesday, March 6, coinciding with a sustained rally across the market throughout the turn of the month. The peak for UNI occurred when the token reached $16, followed by a steady decline, with the most significant losses observed in the last 48 hours.
Based on Relative Strength Index (RSI) readings, a sell-off began gaining momentum on the eighth, reaching its peak yesterday when the RSI hit approximately 20. With a reading below 30 considered “oversold,” this sell-off appears substantial. However, in the past 24 hours, the RSI has rebounded to around 41, indicating an uptick in buying momentum.
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