Uniswap (UNI) is trading near a critical point after a rejection at key resistance weakened its short-term structure. Analysts note the token is in a tight consolidation range, signaling potential for a sharp 30% breakout or downside move as market participation declines with falling volume and open interest.
Uniswap (UNI) faced rejection near $4.10 on Wednesday, weakening its short-term structure and momentum. The token’s price has declined 1.64% in the past 24 hours to trade at $3.95, with daily trading volume falling over 20% to approximately $269 million according to CoinMarketCap data.
Analyst Cryptorphic pointed out that UNI fell below a rising trendline support, bringing it closer to the $4.00 level. “If the price fails to hold at the $4.00 price level, the next liquidity zone may be at $3.40 and $3.50,” the analyst stated.
Analyst Ali Martinez mentioned UNI is consolidating within an ascending triangle, indicating a potential 30% price move. The token is currently trading in a range between $4.10 resistance and $3.80 ascending support, which Martinez referred to as a no-trade zone.
A confirmed close above $4.10 could target a rally toward $5.00 to $5.30. However, a break below $3.80 support could invalidate the structure and potentially correct toward the $2.80 range.
Market activity shows fading momentum, with CoinGlass data indicating futures volume decreased 24.37% to $285.8 million. Open interest also declined 0.90% to $253.5 million, signaling weaker market participation.
