Uniswap continues to fall as bearish momentum persists
Uniswap is trading around $9.18, having dropped sharply from recent highs above $10. Price action is now firmly locked in a steep descending channel, with successive lower highs and lower lows confirming the prevailing bearish structure.
Highlights
- Uniswap trades at $9.18 inside a descending channel
- RSI at 36.68 shows mild divergence but lacks strong momentum
- Netflows on August 1 show -$2.12M inflow, signaling distribution
The token remains below all major exponential moving averages (20/50/100/200), which continue to act as dynamic resistance. The 20- and 50-day EMAs have flattened slightly but still hover above the price, capping any immediate recovery. For any relief to take hold, UNI must first reclaim $9.28 and then break above the $9.55 zone.
Uniswap price dynamics (Source: TradingView)
The RSI currently reads 36.68, climbing back from recent oversold conditions. A minor bullish divergence has formed, indicating that sellers may be slowing down. However, the signal remains tentative as volume has not confirmed renewed buyer interest. UNI would need to decisively break out of the descending channel and reclaim levels above the $9.55 mark to signal any short-term bullish reversal. Until then, the RSI divergence could lead to a shallow bounce but not a trend change.
On-chain data reflects selling bias
Uniswap’s on-chain data continues to support the bearish case. As of August 1, netflows registered a negative -$2.12 million, showing more UNI tokens entering exchanges than leaving. This points to rising supply pressure and reflects ongoing investor caution. With price now hovering near $9.14, the consistent red streak in netflow suggests that selling sentiment remains dominant. Without a shift toward positive netflows or whale accumulation, any bounce is likely to remain capped below the $9.55–$9.80 resistance band.
In earlier updates, we noted that Uniswap was struggling to hold above its compression zone near $10.14. That region has since acted as a firm ceiling, while continued distribution pressure has dragged the price into a deeper descending channel. The next move will likely hinge on whether UNI can attract volume above resistance or break below $9.00 into fresh lows.
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