Bulls Attempt Recovery as UNI Price Rejects at $7.624

• Uni’s market structure weakened, as the 90-day Mean Coin Age rose and quarterly outperformed monthly holders.
• The price rejected at $7.624, causing UNI to depreciate by 20%.
• Bulls are attempting a recovery but key fundamentals and metrics offer conflicting results.

UNI’s Market Structure Weakened

The market structure of Uniswap [UNI] weakened further, as the 90-day Mean Coin Age rose and quarterly holders outperformed monthly holders. After the price rejection at $7.624 on 18 February, Uniswap [UNI] depreciated by 20%. At press time, the native DEX token traded at 6.239 and flashed green as bulls attempted to front a recovery. However, key fundamentals and metrics offered conflicting results, calling for investors‘ caution.

Price Rejection at $7.624

At the height of the January rally, UNI entered a price consolidation and formed a rising channel (white). The price action breached below the channel in early February but was checked by the 100-day EMA (exponential moving average). But bulls got boosted after a retest of the pullback on the 100-day EMA that offered a strong recovery, setting UNI to reach an overhead resistance at $7.624. The retracement after the price rejection at $7.624 has undermined a successful recovery. Bears could re-enter the market if UNI fails to close above the 23.6% Fib level ($6.390). They could benefit from shorting the asset at $6 with stop loss set above $6.390 while bulls can target Fib levels of 38.6%, 50%, or 61.8%. Bitcoin’s potential retest of $25K could help UNI swing towards its overhead resistance level of $7