Uniswap’s UNI token has been slowly grinding lower over the past few days, with buyers being unable to gain control over its short-term trend as the hype surrounding the token’s launch begins fading.
That being said, UNI’s buyers are now moving to establish its recent lows as a long-term base of support, as it has posted multiple positive reactions to the lower-$4.00 region.
Interestingly, the Uniswap governance token only appears to be loosely correlated to the rest of the market, which may mean that smaller Bitcoin fluctuations will only have a limited impact on where it trends in the near-term.
One analyst does believe that upside could be imminent, noting that it is imperative that bulls reclaim $4.70, as a break above this level could be the event that helps fuel its next strong uptrend.
Other investors are also noting that its fundamental strength still remains and that its upside potential is significant.
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