Uniswap [UNI] and Terra [LUNA] drown deep in the red sea

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The extreme volatility of the crypto market had left the entire community in dire confusion. Assets like Uniswap [UNI], Polkadot [DOT], and Terra [LUNA] were seen recording a significant loss. While other coins were no less, these three assets were noted leading the bearish cycle. LUNA recently hit an all-time high, however, this hot streak was disrupted and the asset was plummeting by 10%, during the time of writing,

As the altcoins suffered, Bitcoin [BTC] remained quite untethered by the bear. The king coin was on its way towards $60K however, it was taking it slow. During press time, BTC was priced at $56,720 while its market cap remained over $1 trillion. Additionally, the king coin’s price grew by 13% over the last couple of days while most of the altcoins grieved the wrath of the bear.

Additionally, Uniswap [UNI] was making its way on to a double-digit loss. At the time of writing, UNI was trading for $22.45 with a 9.72% drop over the last 24-hours. Throughout the previous few days, UNI endured losses up to 11%.

The fairly new coin sprung up the crypto ladder quite easily. However, this notion was disrupted by other assets. Now, Uniswap sits as the twelfth largest cryptocurrency with a market cap of $13.8 billion.

Uniswap [UNI] one-hour price chart on Binance

Uniswap [UNI] and Terra [LUNA] drown deep in the red sea 3

Bears, bears, and more bears. The UNI market was compiled of only bearish notions. The short-term price chart of UNI clearly stated that the chances of the asset dropping below $20 were on the higher side. The Parabolic SAR indicator laid out a barricade over the candlesticks and prevented UNI from witnessing any sudden surges in its price.

The Awesome Oscillator with red closing bars noted the presence of the bear in the Uniswap market. Furthermore, the Relative Strength Index indicator suggested that UNI was being oversold.

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