- Uniswap is trading near $10.48, with traders watching the $10.70 to $11.00 zone as the key reversal level.
- On-chain signals show accumulation, but bearish risks persist if support at $10.30 fails.
Uniswap’s UNI token is attempting to recover after recent volatility, trading around $10.48 on August 19. While the token shows modest signs of stabilization, key technical levels suggest that bulls still face challenges before regaining control.
Technical Outlook: A Crucial Battle Around $10.70
UNI recently bounced from a $10.15 low but continues to struggle below its 20, 50, and 100 EMAs, all clustered between $10.53 and $10.83. This signals that short-term bias remains negative unless the price breaks above $10.70.
A successful push beyond this level could open the path toward $11.00 and $11.20, areas that traders consider the next resistance zones. On the downside, failure to hold above $10.30 risks a retreat toward $10.00 and possibly $9.60. For now, $11.00 remains the pivot level that could confirm a bullish reversal.
On-Chain Signals and Accumulation
Despite technical pressure, on-chain data reveals some accumulation. CoinGlass recorded a $1.44 million net outflow from exchanges on August 19, suggesting dip buying. Additionally, whale activity has been notable, including a $25 million withdrawal to cold storage. These moves highlight cautious confidence, although broader spot flows remain neutral as capital rotates among DeFi majors.
Market capitalization has inched higher from $6.43 billion to $6.59 billion, showing pockets of renewed interest. Still, the recovery lacks strong follow-through, leaving the short-term outlook uncertain.
Fundamentals and Medium-Term Catalysts
UNI’s medium-term performance will depend heavily on protocol developments and governance decisions. The long-discussed fee switch proposal, if enacted, could direct trading fees to Uniswap holders and boost investor appeal. Progress on Uniswap v4, with its hooks and gas-efficient pools, is also fueling developer interest and could strengthen Uniswap’s position against rising competition from Layer 2 DEXs on solana and rollup ecosystems.
At the same time, a slightly softer regulatory stance in the US has eased some legal concerns. Coupled with the upcoming UniChain expansion aimed at improving throughput and liquidity, Uniswap has fundamental drivers that could support a longer-term bullish narrative.
Watching the $11 Pivot
For now, Uniswap remains in a cautious consolidation phase. Traders are eyeing the $10.70 to $11.00 zone as the key threshold for a broader bullish reversal. Until that level is convincingly reclaimed, bearish risks linger, with $10.30 and $10.00 as immediate downside targets.
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