Uniswap trades at $9.45 forming a descending triangle
Uniswap is showing signs of exhaustion after failing to sustain above $10 earlier this week. The price is now trading near $9.45 and forming a descending triangle pattern on the 45-minute chart, characterized by lower highs and flat support at $9.39.
Highlights
- Uniswap trades near $9.45 inside a descending triangle with support at $9.39
- RSI at 43 suggests weak momentum but not yet oversold
- Break below $9.39 could expose $9.10, while push above $9.75 may revive bullish bias
UNI has slipped below its 20 and 50 EMA, both of which have turned flat, while the 100 and 200 EMA sit overhead and continue to weigh on price. The structure points toward short-term bearishness unless bulls reclaim $9.75–$9.80 and break the descending trendline.
Price action signals weakening bullish momentum
The chart shows a shift from bullish recovery to consolidation under pressure. The rejection from the descending trendline near $9.75, followed by a move below short-term EMAs, reflects fading upward strength. Unless UNI closes above this confluence zone and flips the EMAs, the pattern remains vulnerable to further breakdown. The 100 and 200 EMA are also compressing near $9.80, adding to resistance. If support at $9.39 breaks, bears may push toward the $9.10–$9.00 region.
UNISWAP price dynamics (Source: TradingView)
RSI at 43 remains tilted to the downside. After peaking on August 5, the oscillator failed to breach the 60–65 range and is now drifting lower. This indicates a lack of conviction from bulls. A move below 40 would further confirm downside momentum. However, if RSI finds support and climbs above 50 while price breaks past $9.75, it could signal a reversal.
On-chain flows taper as investors turn cautious
Exchange netflows also support the neutral-to-bearish outlook. Outflows dropped from $883K on August 5 to $517K on August 6, reflecting reduced accumulation or increasing caution from market participants. The divergence between earlier price gains and stagnating outflows adds to the hesitancy. Without a sharp pickup in outflows, Uniswap’s recovery lacks the on-chain strength seen in prior rallies.
In earlier analysis, we highlighted how price struggled to push above the EMA cluster near $9.85, capping the upside. The descending triangle now forming signals that the market is awaiting a decisive breakout or breakdown. Unless volume and netflows turn supportive, the bias leans toward a deeper pullback.
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