Uniswap (UNI) continues to face downward pressure, currently trading around $5. The cryptocurrency has experienced a notable 3% drop in value, while daily trading volume has declined by 25%. This downturn contributes to the broader bearish sentiment within the market, pushing UNI’s price toward the established downtrend. Meanwhile, Bitcoin remains relatively stable at around $94,600, and Ethereum trades at $1,700. The asset’s journey began with a peak of $5.54 before facing substantial downward movement to settle around $5.21. At the time of writing, Uniswap hovers just above this level at $5.34, with its market cap reaching $3.36 billion. Furthermore, over $752K worth of Uniswap has been liquidated during this period, and daily trading volume has decreased by 26.71% to reach $127 million. In the recent days, an inactive wallet linked to Uniswap initiated a movement of 9 million UNI (worth $47.5 million) from a dormant state to Coinbase Prime. Additionally, four project-linked wallets have transferred a total of 19.21M UNI to the exchange in the past six days. Will Uniswap defy this downtrend and rally back? The asset is currently hovering around crucial support at $5.22. A steady decline may push the price towards its former lows, or the bulls will attempt to regain control and see a jump toward resistance at $5.39. If UNI’s bullish momentum persists, it could reach levels of $6 or beyond. The MACD line and signal line remain below the zero line, indicating a strong bearish trend. Additionally, the Chaikin Money Flow (CMF) indicator stands at 0.09, suggesting slight bullish sentiment, though not enough to counteract the downtrend. The Bull Bear Power reading further highlights the current market dominance by bears, with a value of -0.2130. This suggests that the asset may approach the oversold territory as indicated by the daily RSI at 36.29, suggesting the bearish momentum remains strong.