Uniswap (UNI) Token's Derivatives Volume Stays Flat, What's Cooking Inside?

The Uniswap token's open interest advanced by 9.8% in the last 24 hours from the press time. This showed a slight surge in the token's open positions

The Uniswap (UNI) token price showed a slight recovery on March 6, 2024, as its market cap advanced by 2.2% in the last 24 hours from the press time. This resulted in a market cap value of $3.574B, boosting the Uniswap price.

However, the token’s traded volume was flat, followed by a slight increase of 1.6% in the last 24 hours from press time. This was followed by a traded value of $82.299M, leading to a volume/market cap ratio of 2.3%.

As per Coincodex, Uniswap crypto’s sentiment was bearish, and the fear and greed index showed fear among investors. The price was also highly volatile, resulting in 6.83%. UNI token also has a strong market presence, resulting in a market cap dominance of 0.17%.

The Total Value Locked for the token has witnessed a decline in the last few days. It was valued at $4.441B at press time. The liquidity for the token was worth $52.41M, after which the token raised a total amount of $176.0M.

The derivatives open interest advanced by 9.8% in the last 24 hours from the press time. This showed a slight surge in the token’s open positions in the previous 24 hours.

The Uniswap token witnessed higher long liquidations in recent days. This showed sellers’ dominance over the token price, followed by a long liquidation of $234.54K in the last 24 hours. Additionally, the shorts liquidated in the token were valued at $40.94K.

Also, the derivatives traded volume value in the token advanced by 9% in just the last 24 hours. It resulted in a traded value of $118.44M.

The Uniswap crypto has been entrenched in a prolonged downtrend on the technical chart, characterized by lower lows. This persistent decline culminated in the formation of a symmetrical triangle pattern, a classic indicator of market indecision.

On March 6, 2024, UNI reached a swing high of $17.033. However, since then, the token has experienced consistent profit-taking, resulting in a substantial loss of 70% of its value.

The situation worsened when the Uniswap price broke below the triangle pattern. This further eroded its value and solidified a bearish outlook.

The price’s inability to recover from these lower levels underscores the sellers’ dominance in the market. It highlighted a period of strong bearish behavior. As a result, UNI remains under significant pressure, with the potential for further declines if this trend continues.

The UNI token price has been trading below both the 50-day and 200-day EMAs on the daily chart, indicating a sustained bearish trend.

This bearish sentiment was further confirmed a few days ago when the EMAs formed a death cross, reinforcing the prior downtrend in UNI's price action.

Adding to the uncertainty, the MACD signal displayed mixed signals. While the MACD and the signal line formed a bullish crossover, the overall metrics remained negative. It was accompanied by the histograms showing bullish tendencies. This contradictory behavior suggested indecision in the market regarding the Uniswap price direction.

On a more positive note, the RSI recently broke out above the 50-level and the 14-day SMA, signaling a short-term rise in bullish momentum. This uptick in buying pressure could provide some relief to the UNI token.

The UNI token may find support at the $3.80 and $4.70 levels. However, it faces significant resistance at $12.00 and $17.00, which could challenge any further upward movement.

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