Uniswap is currently trading at $6.13, reflecting a modest gain of 0.44% over the past 24 hours as market participants process recent fluctuations. This price stability indicates that while the token has managed to avert more significant downturns, the overall trend remains cautious. Traders are now evaluating whether UNI is entering a phase of gradual accumulation or merely experiencing a temporary pause before potential further declines.
Recent price movements, along with changes in open interest and daily momentum indicators, provide insights into the short-term trajectory for the token. Following a sell-off, open interest has begun to stabilize, suggesting a shift in market dynamics.
On the 1-hour chart, Uniswap faced substantial selling pressure, characterized by a series of lower highs and lower lows on the 21st and 22nd. This period of decline culminated in a local bottom, where volatility decreased, and price action tightened. This pattern indicated seller exhaustion and buyer hesitation, with many traders waiting for signs of support.
A bullish recovery commenced on the 23rd and 24th, as positive momentum propelled the price upward, breaking the intraday downtrend and establishing a new sequence of higher lows. This shift in sentiment demonstrated that buyers were reclaiming control, pushing the price back into its mid-range zone.
As the market reached the upper limits of this short-term structure, it transitioned into a neutral phase, characterized by sideways movement and diminished volatility. This indecisive behavior suggests that traders are on standby, anticipating fresh signals before committing to new positions.
Aggregated open interest further supports this narrative. Early in the downward trend, open interest decreased as traders opted to close positions rather than increase exposure, signaling a de-risking phase typical of market flush-outs. However, as the price rallied on the 23rd to the 25th, open interest began to rise steadily, indicating renewed speculative interest aligning with the bullish price movement.
Currently, both price and open interest are showing signs of flattening, which often precedes a significant directional shift. Market participants are now focused on a potential breakout above recent intraday highs or a breakdown below the consolidation floor to ascertain the next trend direction.
As of now, the market capitalization of Uniswap stands at $3,868,651,517, with a trading volume of $295,267,736. The token”s circulating supply amounts to 629,892,750, maintaining its position as a prominent player within the DeFi sector, despite mixed market conditions. The intraday price range of $6.00 to $6.25 reflects reduced volatility compared to the previous week”s more aggressive movements. Although the price”s ability to stay above $6.00 indicates solid support, the absence of strong upward momentum points to ongoing overhead supply.
On the daily chart, UNI remains entrenched in a larger downtrend that began after its summer peak. This downtrend has been marked by a series of lower highs throughout August and September, culminating in increased selling pressure in October. Although a brief rally occurred earlier this month, it failed to establish a sustained upward trend, pushing the price back into a neutral-to-bearish range.
The MACD indicator reflects a weak position, with the MACD line remaining below the signal line and both situated beneath the zero axis. The histogram has turned slightly red again, indicating a return of soft bearish momentum. While the MACD shows a slowing decline, it lacks confirmation of bullish strength or a trend reversal. A crossover above the zero line with expanding momentum is necessary for the coin to regain positive traction.
Additionally, the Chaikin Money Flow presents a similarly cautious outlook, currently resting near -0.32. This reading signals significant capital outflows and limited buyer engagement, which aligns with UNI”s challenges in sustaining higher price levels and reinforces the notion of weak accumulation.
