• Bo Shen’s private wallet was hacked and crypto worth $42 million drained.
• The UNI holders were sent into an inevitable state of panic.
• The trading volume dropped nearly by 30%, amounting to $78.5 million.

Past few months underwent a series of hacks and wallet assaults resulting in millions of dollars lost. Amid these times of tragedy, another wallet hack occurs, which shakes up the currency UNI. The market is stunned as the disastrous wind comes one after another. The market goes dormant for the currency and may reflect the true sentiments by falling to $4.

The char-t-ale

Source: Tradingview

The market seemed to be non-functional after the tragic news was released, as the users were hit by another hack in the face before they could have survived the previous ones. The volume diminishes and reflects the true aspect of crypto-winter. Current situations may persist as it requires an external force to break out of this cycle and surge.

Source: Tradingview

The CMF indicator lies below the 0 range and moves horizontally, reflecting no signs of a sudden rally. It may lay flat until the next push. The MACD indicator is on the verge of convergence with depleting bars, which may transform into a tangled movement with bits of sales and pieces of purchases. The RSI indicator moves in about the range closer to 40-level and slopes downwards. It may continue with the same momentum as there seem to be no prospects of change in recent times.

The peephole

Source: Tradingview

The market looks stagnant as the forces go numb and do not respond as expected. The RSI indicator floats within the range of 40-50 and displays a neutral market for the currency. It may move at the same pace as the price moves flat until the next dramatic change. The MACD line entwines with the signal line and records a splinter of purchases as the market faces a little bit of both aspects, the buyer and the sellers.

Conclusion

The market has undergone so much these previous months that the users are petrified of even the smallest casualty and respond in an amplified manner. The UNI’s current market frame looks almost dead until any stronger external push uplifts it and breaks the cycle.

Technical levels

Support levels: $4.50 and $3.50

Resistance levels: $6.70 and $7.70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source