Uniswap price breaks down as selling pressure accelerates below $10
Uniswap (UNI) has broken down sharply from its ascending channel, confirming a short-term trend reversal after repeated failures near $10.95. The breakdown on July 30 followed a bearish pennant-like formation, sending UNI to an intraday low of $9.90.
Highlights
- Uniswap breaks below $10 after bearish pennant confirms trend shift
- Price trades below all major EMAs, with RSI at 35.68 showing weak momentum
- Net outflows exceed $6.6 million over two sessions, confirming ongoing distribution
Price now trades well below the key exponential moving averages, with the 20, 50, 100, and 200 EMAs all sloping downward, a structure that confirms continued weakness in the short-term trend. The steep rejection from the $10.95 zone triggered a rapid breakdown, invalidating the prior uptrend channel.
Uniswap price dynamics (Source: TradingView)
UNI has since attempted a minor rebound from $9.90, but the bounce has lacked strength, and the price remains far below the EMA cluster between $10.30 and $10.40. These moving averages now act as short-term resistance, and unless reclaimed, rallies are likely to face continued selling pressure.
The RSI at 35.68 hovers just above oversold territory. While this suggests the potential for short-term relief, the absence of any divergence or momentum reversal means sellers still dominate. Price remains vulnerable to additional downside unless momentum improves meaningfully in upcoming sessions.
On-chain outflows confirm distribution trend
Spot netflow data shows sustained selling activity. On July 30, net outflows spiked to $4.91 million, following $1.71 million the previous day. This wave of tokens leaving exchanges reflects an extended phase of distribution by holders, particularly after price failed to sustain above the $10.50 to $10.90 resistance zone. The on-chain data matches the breakdown on the price chart, adding conviction to the bearish setup.
What to watch going forward
To neutralize the current trend, UNI must reclaim the $10.30 to $10.40 range and flip EMAs into support. Until then, any rebound attempt may stall near $10.20 or lower, offering sellers fresh entry points. Key downside levels to monitor are $9.60 and $9.20, both of which could be tested if the selling pressure continues.
As discussed in previous updates, UNI’s failure to hold above key resistances and the shift in netflow behavior signal a weakening trend. For any recovery to hold, traders should watch for RSI to push above 45 and for on-chain outflows to ease. Until those signals emerge, caution remains warranted.
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