Bulls could rely on support from the simple 200-day moving average, as shown in the UNI price picture
At the time this article was written, the Uniswap token has been trading around $29.30. That is about 4.5% lower than the previous 24 hours. This Ethereum-based, decentralised exchange protocol (DEX) saw its price reach $31.25 in the 24-hours. However, bears reached lows of $28.50 but have not relented and are trying to stop bullish gains above $29.
After sentiment turned bearish across crypto crypto, Uniswap now faces supply pressure. The UNI token is in red, just like most top coins. All top ten cryptocurrencies (except Solana (SOL), Polkadot(DOT)) are heading south at the time of writing.
Bitcoin is now below $46,000 and Ethereum is at 3.4%. Bulls are trying to keep Ethereum above $3,100. XRP is the largest cap cryptocurrency and has dropped 10% in the last 24 hours to trade at $1.17.
According to CoinGecko data the global cryptocurrency market has declined 2.9% to $2.04 trillion.
Analysis of the Uniswap prices
UNI/USD trades above a bullish tendline that was formed after the rebound from lows of $14.02 (21 July). Bulls have broken above the 200-day simple moving mean with a support zone near $28.15.
Daily chart UNI/USD Source: TradingView
The RSI is positive above 65, while the MACD remains within the bullish zone. However, it does suggest a possible negative crossover.
To keep the $30 supply wall in sight, bulls must maintain a clear break above the ascending trendline. A clear break above the barrier could lead to upside pressure at $31.25 (24-hour peak), from which buyers can target the resistance zone close to $35 and possibly even aim for $40.
Failure to hold above $28.15 may lead to UNI falling to the 200 SMA ($26.51). If bearish pressure increases in short term, the next support level is around $23.75.