Uniswap’s UNI token is testing a crucial descending triangle support zone as bearish pressure dominates its short-term structure. Technical indicators show mixed signals, with the Relative Strength Index around 46 and a negative MACD histogram, suggesting consolidation without a confirmed bullish reversal. Analysts note potential recovery targets near $4.20 if support holds.
Uniswap (UNI) is testing a key support level within a descending triangle formation on its price chart, according to market analysis. The token’s price action shows consolidation near the pattern’s lower boundary, which could represent an accumulation zone.
At the time of writing, UNI trades at $3.22 with a 24-hour trading volume of approximately $108.72 million. Its market capitalization is near $2.05 billion, and the token has declined 0.64% over the past day. Analyst Jonathan Carter highlighted the setup on social media, stating the price is “reacting to the support level of the descending triangle formation.”
Carter provided potential upside projections from this pattern, including levels at $4.20, $5.90, $8.90, $12.30, $17.00, $28.50, and $42.00. The token currently trades below several key moving averages, including the MA Ribbon at $3.26, $3.37, $3.60, and $4.79.
The Relative Strength Index sits at approximately 46.74, indicating weak buyer momentum and trader indecision. While the MACD reading is positive at 0.00375, it trades below its signal line with a negative histogram. This suggests downward pressure has eased but has not yet converted to positive upward momentum, leaving UNI in a range-bound phase.
