Uniswap (UNI) has experienced a strong breakout, quickly reaching $10.3 at the beginning of this month, thanks to the momentum from the UNIfication proposal and the plan for UNI acquisition.
According to a report by Coinphoton earlier this month, based on price movements, it is highly likely that UNI will correct to levels of $6.86 and $5.92. The reality has proven this assessment, as at the current time, UNI is fluctuating just above the support level of $5.92.
Source: TradingViewFrom a technical analysis perspective, the 1-day timeframe still maintains an uptrend since UNI broke the resistance level of $8.6 during the recent rally.
In another development, the Uniswap Foundation has called for clarity on tax policy and legal guidance in the DeFi sector in a post on platform X.
What will the price trend of UNI be in the coming time?
The 4-hour chart shows mixed technical signals. The Money Flow Index (MFI) remains above the 50 level, reflecting increased buying pressure and upward momentum in recent days. In contrast, the CMF indicator is deep below the -0.05 threshold, indicating that large capital has continuously exited the market since November 20.
Source: TradingViewThe price structure on the H4 timeframe is still leaning towards a bearish trend and has maintained this state for over a week. The retest of the supply zone at $8.6 before the price sharply declines further reinforces the selling side's control position.
Has the situation changed? Perhaps not.
Recover or continue to decline deeply?
If the price of UNI exceeds $6.55, this will be the first signal indicating the possibility of a recovery, allowing traders in lower time frames to participate in acquisitions. Conversely, if UNI drops below $5.92, it will confirm the continuation of the downtrend.
Source: CoinalyzeThe current bearish scenario is being assessed more highly based on current data.
In addition, the open interest index has remained flat over the past three days, and the funding rate occasionally turns negative. This means that long positions must pay fees to short positions, reflecting negative sentiment in the market. Although the spot CVD indicator has increased slightly over the past 48 hours, it is not strong enough to reverse last week's selling trend.
Mr. Giáo
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