On 22nd September, the world’s leading derivatives market, Chicago Mercantile Exchange (CME) Group, announced the launch of Bitcoin Cash [BCH] and Uniswap [UNI] Futures on 19th October.
In the last 24 hours, UNI’s price has declined by 1.24%, a performance on par with Bitcoin’s [BTC] 1.26% fall. The mood across the altcoin sphere appeared to be deflated in the short term.
Over the past week, the governance token has oscillated between $6.80 and $7.80, establishing a short-term range.
The Futures Taker CVD (90-day) metric calculates the cumulative volume difference between market buy and sell orders over three months. It has been taker-sell dominated since 22nd September, with a decrease in volume too.
These appeared to be clear signs of aggressive sellers in control of the derivatives market for Uniswap . It could trigger a deeper price reset towards $5.
The 1-day price chart revealed a strongly bullish swing structure in place. It stretched from $3.17 in August to $$10.94, made in September. Since then, the altcoin has been in a retracement phase.
The retracement could extend deeper though. The Fibonacci retracement levels (yellow) underlined the $6.14 and $4.83 levels as the next potential targets in case of a sustained correction.
AMBCrypto previously reported that Uniswap v4 processed $44 billion in 30-day trading volume. Alongside the protocol activity recovery, the $6.80 local support zone has been defended well so far.
The descending channel pattern (white) of the past ten days was still in play at press time. In fact, in recent hours, the price tested the mid-channel support and reacted positively.
Over the weekend, the $6.65-$6.70 area would be an important short-term demand zone. Swing traders can wait for Uniswap’s price reaction from this area to assess their next move.