The Uniswap (UNI) price recently fell from the $15 supply zone to the $6 demand zone, indicating a selloff in recent trading sessions. Presently, the UNI crypto has found support around $7 and appears to be gearing up for a possible short-term rebound.

Despite the price stabilizing near $7, it is essential for UNI to surpass and maintain levels above the 50-day EMA indicator to reverse the current downward trend. At the moment, UNI is trading at $7.53, with a 6.89% daily gain and negative monthly and yearly returns of -30.29% and 43.20%, respectively.

UNI/BTC is currently at 0.000119 BTC, with a market cap of $6.61 Billion. Analysts are cautiously optimistic about the future of Uniswap, suggesting a potential upturn in momentum.

Uniswap (UNI) Potential for Recovery

Analyzing the daily charts, indications show that the Uniswap price has held ground below the 200-day EMA support level and might be on track for a rebound in upcoming sessions. The stagnant moves of the UNI crypto near the demand zone could soon turn around.

Thanks to an intraday trading volume surge of 43.90% to $123.04 Million, it appears that there is a more pronounced interest from buyers. As long as UNI remains above the $6 mark, conditions could favor those looking to establish long positions.

Future Trends for UNI

Despite facing a base formation around $6, the Uniswap crypto is now experiencing decreased price volatility and improved sentiment among investors. If UNI manages to surpass the $8.30 mark, a short squeeze scenario for sellers could ensue, especially with a positive RSI trend.

Interpretation of Development Activity and Open Interest Data

Recent data from Santiment highlights a steady increase in development activity and positive sentiment among investors. Moreover, increased derivative activity with a rise in open interest to 46.89 Million indicates growing trader involvement.

Considering Fibonacci retracement levels, Uniswap's price still lingers below the 38.2% zone and beneath the mid bollinger band, suggesting a slowdown in selling pressure.

Final Thoughts on UNI's Current Situation

The Uniswap (UNI) crypto price continues to operate in a bearish market and has demonstrated a persistent downtrend. With lower lows consistently seen in price action, sellers remain dominant in the market atmosphere.

Key Technical Levels

Support Levels: $7 and $6.30

Resistance Levels: $8.30 and $9

Disclaimer

The contents of this article are purely for informational purposes and should not be considered as financial or investment advice provided by the author or those referenced.