On September 22, CME Group announced the launch of Uniswap [UNI] futures, which will take place on October 19. Over the past 24 hours, the price of UNI has decreased by 1.24%, which is very close to the 1.26% drop in Bitcoin [BTC]. The atmosphere in the altcoin market in the short term is not optimistic. Over the past week, the token's price has fluctuated between $6.80 and $7.80, establishing a short-term range. The Futures Taker CVD (90-day) indicator measures the cumulative value of the difference between market buys and sells over three months. Since September 22, the volume has been under selling pressure, which also indicates a decline in activity.
These circumstances indicate the presence of aggressive sellers in the derivatives market for Uniswap, which could lead to a deeper price decline to $5. On the 1-day price chart, there is a strong bullish structure that ranged from $3.17 in August to $10.94 reached in September. Since then, the altcoin has been in a correction phase. The correction could deepen, with Fibonacci levels highlighting $6.14 and $4.83 as potential targets in case of further correction.
AMBCrypto previously reported that Uniswap v4 processed $44 billion in 30 days of trading volume. Additionally, local support at the $6.80 level is still holding well. The descending channel pattern noted over the past ten days is still relevant at the time of publication. In recent hours, the price tested the supporting level of the mid-channel and reacted positively. Over the weekend, the $6.65-$6.70 range will become an important short-term demand zone. Traders can expect Uniswap's price reaction in this area to assess their further actions.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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