The UNI price picture suggests bulls might rely on the support of the 200-day simple moving average
The Uniswap token is changing hands around $29.30 at time of writing, about 4.5% down in the past 24 hours. The price of this Ethereum-based decentralised exchange (DEX) protocol reached a 24-hour high of $31.25, but bears tested lows of $28.50 and have remained adamant and sought to counter bullish advances above $29.
Uniswap is facing supply pressure after sentiment across the crypto crypto turned bearish. The UNI token is in the red just as most top coins are, with all the top ten cryptocurrencies except Solana (SOL) and Polkadot (DOT) heading south at time of writing.
Bitcoin has dipped 2.8% to slide below $46,000, while Ethereum is down 3.4% as bulls try to hold above $3,100. Among these large cap cryptocurrencies, XRP has tanked the most, dropping 10% in the past 24 hours to change hands around $1.17.
Overall, the total cryptocurrency market cap has shrunk 2.9% to $2.04 trillion, according to data from CoinGecko.
Uniswap price analysis
UNI/USD still trades above a bullish trendline formed since the rebound off lows of $14.02 on 21 July. The uptrend has seen bulls break above the 200-day simple moving average, with a key support zone established near $28.15.
UNI/USD daily chart. Source: TradingView
The RSI remains positive above 65 while the MACD is also within the bullish zone, although it suggests a potential negative crossover.
In this case, bulls need to hold above the ascending trendline to keep the main supply wall at $30 in sight. A clear break above this barrier could invite upside pressure to $31.25 (24-hour high), from where buyers can then target the resistance zone near $35, and possibly aim for $40.
On the downside, failure to hold above $28.15 could see UNI decline to the 200 SMA ($26.51). If bearish pressure intensifies short term, the next support level would be around $23.75.
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