Uniswap [UNI] is currently fluctuating between gains and losses, and its price movement lacked a clear direction for three consecutive weeks. The price has formed lower lows despite the broader market making improvements frequently in mid-August. UNI saw an impressive rally earlier this year leading up to an ATH in May. Since the subsequent sell-off, the crypto-asset has failed to gain the necessary momentum to break the record level.
Uniswap [UNI] was down by 1.13% over the last 24-hours, which drove its price to $26.20. At the time of writing, the eleventh-largest crypto-asset registered a market cap of $16.01 billion and a 24-hour trading volume of $249 million.
Uniswap [UNI] Daily Price Chart:
UNI’s volume has been low, which has had a negative effect on its price. But the volatility in the market hinted at mild revival attempts. The formation of a mega bearish descending triangle on the daily UNI chart, on the other hand, threatened further losses in the coming days. Additionally, the latest market pullback saw the price candles falling below the upsloping 200 DMA [Yellow] even as the 50 DMA [Pink] formed a bullish crossover with the 100 DMA [Blue].
Bearish signals continued to appear all across the board.
Klinger Oscillator [KO] has been consistent and has remained unfazed by lower lows formed by the UNI candlesticks. The MACD, however, depicted the rising strength of the ongoing bearish trend as buyers’ demand slumped. A similar sentiment was in the Relative Strength Index [RSI] that broke below the 50-median and moved south, indicating a gradual increase in the dominance of the sellers in the market.
According to the above charts, a breakdown from UNI’s pattern could see it move back towards a demand zone of $14.4-$21.4. On the flip side, Uniswap first needs to breach $30.71 to target yearly highs of $40.5 and $43.3.