Uniswap's recent plunge of over 12% in the last 24 hours mirrors the broader cryptocurrency market's bearish trend. The digital asset's price has been steadily falling, causing traders and analysts to reassess their positions and predict a double-digit recovery.

The crypto market's overall decline is evident in the sharp losses of Bitcoin and altcoins, which have pushed the market capitalization down by 1.95% in the last 24 hours. Analysts are divided on the market's future direction, with altcoins like Uniswap experiencing significant losses amidst diverse bullish projections.

Uniswap's Utility Token Falls Below $10

The utility token UNI, which powers the decentralized crypto exchange Uniswap, has fallen 12% in the last 24 hours, trading at $9.86. The asset has dropped below the $10 resistance level after surpassing it last week. Last week, UNI recorded significant gains, outpacing other top 20 assets by market cap. This surge followed a large wallet purchase of Ethereum and Uniswap worth $20 million.

The asset's Relative Strength Index (RSI) currently stands at 52.68, with bulls pointing upwards towards $15. However, the price fall has pushed the asset below its former resistance, reducing longer-term positives. Weekly figures show 4% gains, while monthly inflows have dropped slightly to 24%. Daily trading volume has increased by 12% to $290 million, preserving bullish momentum.

For a double-digit recovery similar to the previous high this week, renewed whale activity will be necessary.