The UNI price chart suggests that bulls can be supported by the 200-day simple moving average
The Uniswap token is trading around $29.30 at the time of writing, about 4.5% lower in the last 24 hours. The price of this decentralized exchange protocol (DEX), based on Ethereum, reached a 24-hour high of $31.25. However, bears tested lows of $28.50 and remained adamant, seeking to contain bullish advances above $29.
Uniswap is facing supply pressure after sentiment across the cryptocurrency turned bearish. The UNI token is in red, as are most major currencies, with all ten major cryptocurrencies except Solana (SOL) and Polkadot (DOT) down at the time of writing.
Bitcoin was down 2.8% to below $46,000, while Ethereum was down 3.4% as bulls tried to stay above $3,100. Among these large cryptocurrencies, the XRP was the most down, falling 10% in the last 24 hours to trade around $1.17.
Overall, the total value of the cryptocurrency market shrank 2.9% to $2.04 trillion, according to data from CoinGecko.
Uniswap: price analysis
The UNI/USD currency pair is still trading above the uptrend line formed since the rebound from the lows of $14.02 on July 21st. The uptrend saw 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 its bullish zone, although it suggests a potential negative crossover.
In that case, bulls need to stay above the uptrend line to keep the main offer wall at $30 spot. A clear break above this hurdle could lead to upward pressure towards $31.25 (24-hour high), from which buyers may then target the resistance zone near $35 and possibly aim for $40.
On the downside, failure to hold above $28.15 could cause the UNI currency to drop to 200 SMA ($26.51). If downside pressure intensifies in the short term, the next support level would be around $23.75.