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Uniswap’s [UNI] Range Low Offers Hope of Recovery – Can Bulls Defend It?

• Uniswap’s [UNI] price action has been trading sideways with range extremes at $5.35 and $4.94
• Bulls have previously defended the range low, offering an opportunity for a long position targeting the mid-range
• The Cumulative Volume Delta (CVD) spot witnessed a steady decline since late April, indicating increased selling pressure and low demand in the market

Uniswap’s [UNI] Price Action

Uniswap’s [UNI] price action has been trading sideways between the range extremes of $5.35 and $4.94 over the past few weeks. During this period, bulls have successfully defended the range low, offering an opportunity for long positions targeting the mid-range level of $5.15.

Selling Pressure

The Relative Strength Index (RSI) and On-Balance Volume (OBV) both dipped in recent hours to denote an increase in selling pressure and low demand on Uniswap’s [UNI]. Furthermore, the Cumulative Volume Delta (CVD) spot has seen a steady decline since late April, further highlighting bearish sentiment in the market.

Long Positions Wrecked

More long positions worth over $50k have been wrecked in the past 24 hours alone while short positions liquidated are worth less than $100. This indicates that bears are currently gaining more leverage in Uniswap’s [UNI] market compared to bulls.

Price Reversal Opportunity?

Despite these bearish signals, a repeat of previous trends could see UNI rebound toward its mid-range level of $5.15 if bulls defend their current level at or around its range low of $4.94. A retest of its range high of $5.35 could offer additional gains if successful but a session close below the range low could invalidate this thesis entirely while setting UNI on course for further losses towards its immediate support level of $4.710

Bottom Line

Given current market conditions, traders should exercise caution when entering any positions as both bullish and bearish signals exist simultaneously on Uniswap’s[UNI] token pair USDT/UNI on TradingView