Uniswap (UNI) is struggling to maintain an upward trajectory amid market volatility and decreased investor participation. The token has formed a horizontal channel between $6.73 and $8.35 since April 13, with current trades around $7.48. Despite attempts to breach the upper resistance, bearish sentiment prevails, evidenced by a significant drop in whale transactions and trading volume. Additionally, UNI's futures open interest and Relative Strength Index (RSI) indicate mounting selling pressure, which could drive the price toward the lower support level.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.