Uniswap's UNI token has not rallied on news that CME Group will list UNI futures on 19th October. Futures data appear to show aggressive sellers in control of the derivatives market, and the price sits inside a falling channel.
CME Group announced on 22nd September that it would launch Bitcoin Cash and Uniswap futures on 19th October. UNI has not responded with a rally. In the last 24 hours, its price declined by 1.24%, close to Bitcoin's 1.26% fall.
No bullish impetus as the futures listing date nears
Over the past week, the governance token has oscillated between $6.80 and $7.80, forming a short-term range.
The Futures Taker CVD (90-day) metric tracks the cumulative volume difference between market buy and sell orders over three months. It has been taker-sell dominated since 22nd September, and volume has also decreased. AMBCrypto reads this as a sign that aggressive sellers are in control of the derivatives market, which could trigger a deeper price reset towards $5.
Retracement could extend
On the 1-day chart, a bullish swing ran from $3.17 in August to $10.94 in September. The altcoin has been retracing since then. Fibonacci retracement levels point to $6.14 and $4.83 as the next potential targets if the correction is sustained.
Support holds for now
Support has held so far. AMBCrypto previously reported that Uniswap v4 processed $44 billion in 30-day trading volume, and the $6.80 local support zone has been defended well so far.
The price has traded in a descending channel for the past ten days. In recent hours it tested mid-channel support and reacted positively. Over the weekend, the $6.65-$6.70 area would be an important short-term demand zone, according to AMBCrypto, and the token could dip below $7 once again.
Source: AMBCrypto
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