Market Overview for Uniswap (UNIUSD) as of 2025-08-29

• Price declined sharply after a consolidation phase with a 15-minute bearish engulfing pattern near $10.071.
• RSI approached oversold territory, and price traded near the 61.8% Fibonacci retracement level.
• Volume spiked during the breakdown but normalized afterward, indicating limited follow-through.
• Bollinger Bands showed minimal volatility contraction, and MACD turned negative, suggesting bearish momentum.
• Price closed at $9.5, down $0.571 from the prior day’s open, amid weak turnover.

Over the past 24 hours, Uniswap (UNIUSD) opened at $10.071 (12:00 ET – 1), reached a high of $10.016, a low of $9.5, and closed at $9.5 as of 12:00 ET. The total volume traded was 514.56, and the total turnover amounted to $5,273.63. The price has shown a clear downtrend following a brief consolidation and a sharp breakdown in the early part of the session.

Structure & Formations

The 15-minute chart displayed a key bearish engulfing pattern at $10.071, confirming a shift in sentiment from bullish to bearish. This was followed by a steady decline to the 61.8% Fibonacci retracement level of the previous rally, suggesting a likely continuation of the bearish phase. Support levels emerged near $9.887 and $9.5, where price found limited buying interest, and resistance appears retesting of $9.95 and $10.016 would be unlikely in the near term without strong volume confirmation. The structure suggests a consolidation phase is possible near these levels.

Moving Averages and Momentum

On the 15-minute chart, the 20- and 50-period moving averages both trended downward, reinforcing the bearish bias. The 50-period MA crossed below the 20-period MA, forming a bearish “death cross” signal. On the daily chart, the 50, 100, and 200-period moving averages remained in a bearish alignment, with the price currently trading below all three. The RSI indicator approached 30, signaling potential oversold conditions, but momentum remains bearish with MACD in negative territory and declining. The price may find temporary relief near the 38.2% Fibonacci level but lacks the strength to retest previous highs.

Bollinger Bands and Volatility

Bollinger Bands showed a relatively stable width with no significant contraction or expansion over the 24-hour period. Price action spent most of the session near the lower band, indicating bearish dominance and limited volatility. The recent sharp drop brought the price closer to the lower boundary again, suggesting that volatility has not yet increased in response to the breakdown. This could signal a continuation of the trend until a significant price reversal or expansion in volatility occurs.

Volume and Turnover

Volume was largely absent during the early part of the session but spiked during the breakdown between 19:00 and 19:30 ET. A total of 24.44 volume was recorded during this phase, which failed to sustain the move as subsequent candles showed minimal follow-through. Turnover mirrored the volume pattern, with a modest increase during the breakdown and a return to baseline levels afterward. The lack of continued buying pressure and the absence of higher turnover suggest that the bearish move was not strongly supported by large institutional activity.

Backtest Hypothesis

To evaluate the effectiveness of the bearish engulfing pattern observed during the breakdown at $10.071, a structured backtest can be implemented. The setup would include shorting on confirmation of the pattern, with a stop-loss placed above the high of the engulfing candle and a take-profit target at the 61.8% Fibonacci retracement level. Additional rules could include a maximum holding period of five days or exiting upon a reversal candle (e.g., bullish engulfing or hammer). A trailing stop could also be added to capture potential pullbacks. The backtest could be run on UNIUSD or other liquid crypto assets, using historical 15-minute data. Given the observed behavior here, the strategy may be more effective in range-bound or consolidating markets where such patterns form with clear support/resistance levels.