Uniswap's native token UNI is experiencing significant selling pressure, with its price consolidating around $6.24 after a sharp decline from highs above $8 earlier in November. Technical indicators point firmly downward, with the MACD line remaining below the signal line and the RSI hovering around 43, indicating weakening demand without oversold conditions.
Open interest has declined from peaks above 201.8 million to nearly 201.6 million contracts, suggesting traders are exiting positions amid increased volatility. UNI's market cap holds at $3.93 billion, ranking #39 among digital assets, with daily trading volume near $488 million. The token is trading within a falling wedge pattern on the four-hour chart, with support at $5.88 and resistance at $6.33, while remaining below both the 9 EMA and 50 SMA.
Short-term outlook remains bearish-to-neutral, with a break below $6.00 potentially leading to tests of $5.20 or the Bollinger Band support at $4.73–$5.00. For a bullish reversal, UNI needs to reclaim the $6.60–$7.00 zone with improving momentum indicators.
