Uniswap hovers around $5, losing over 3%.
UNI’s daily trading volume has dropped by 25%. The mixed sentiment within the market would wipe out the recent gains and push the assets into the bearish zone. Bitcoin is holding at around $94.6K, and Ethereum trades at $1.7K. Meanwhile, Uniswap (UNI) has struck in the downtrend, losing 2.64%.
UNI kickstarted the day trading at a high of $5.54. The bears took the reins, and the price fell back to the $5.21 level. At the time of writing, Uniswap trades at $5.34 with its market cap of $3.36 billion.
Furthermore, the market has witnessed the liquidation of $752.18K worth of Uniswap during this period. Notably, the daily trading volume has decreased by 26.71%, reaching $127 million.
As per on-chain data, a previously inactive wallet linked to Uniswap has moved 9 million UNI, worth $47.5 million, to Coinbase Prime after being dormant for over 4.5 years. In the past 6 days, four project-linked wallets have transferred a total of 19.21M UNI to the exchange.
Will UNI Defy the Downtrend and Surge?
Uniswap has been trapped in a potent bearish phase. The asset might immediately test the crucial support at the range of $5.22. A steady downside correction could send the UNI price to retrace toward its former lows.
If the asset’s bulls turned the tide against the bears, the price will likely jump and retest the resistance at $5.39. A prolonged stay on its upward trajectory could trigger Uniswap to reach the $6 mark and continue gaining.
The Moving Average Convergence Divergence (MACD) line and signal line are settled below the zero line. This sturdy bearish crossover indicates a strong downtrend. Besides, UNI’s Chaikin Money Flow (CMF) indicator at 0.09 suggests inflows into the asset, with slight bullish sentiment.
Moreover, the trading window of the asset reveals the Bull Bear Power reading at -0.2130, implying that the bears are in control of the market. UNI might approach the oversold territory as the daily relative strength index (RSI) is resting at 36.29, hinting that the bearish momentum is present.
