Uniswap’s UNI token has been struggling to garner any strong momentum as of late, with buyers and sellers largely reaching an impasse as the cryptocurrency trades within the lower-$3.00 region.
It has been facing some heightened pressure in recent days due to the intensity of the sell-off seen across the aggregated altcoin market. Once again, DeFi tokens are being hit the hardest by this, and UNI is now widely viewed as a benchmark bet on the sector.
Despite the intensity of its recent selloff, analysts are still noting that it may be well-poised to see some further upside in the near-term.
One trader is noting that a move past $4.00 could be imminent, but it is imperative that it first reclaims a key support level that was lost during its overnight selloff.
If it remains below this level, it could be in a precarious position that causes it to see further downside in the near-term.
Where it trends next