Uniswap’s recovery stalls near range lows – Are shorting gains likely?

Uniswap’s [UNI] recovery stalls near range lows - Are shorting gains likely?

Bulls can bid at these levels if the $5.2 obstacle persistsIn the past two weeks, UNI consolidated between $5.2 – $5.7. It inflicted a bearish breakout on 8 May but reversed the losses on 10 May. However, the price rejection at the range low of $5.2 could set UNI to retrace to lower support levels again.

Short sellers could drive down UNI toward the December low of $4.95 or the November low of $4.71. Notably, the range low $5.2 are January 2023 low level, meaning UNI has cleared all gains made in Q1 2023. However, a close above $5.2 could give near-term bulls a shot at reversing losses made in the past weeks. However, they will only gain leverage if UNI closes above the consolidation range of $5.2 – $5.7.Similarly, the OBV rose slightly on 10 May but exhibited a downtick at press time – the rise and slight drop in volume that could undermine further surge.According to Coinglass’s exchange long/short ratio, UNI shorts dominated at 51.32% in the 4-hour timeframe.

In addition, more long positions were wrecked in the past 4-hours, while no short positions suffered any liquidations. It corroborates a likely downtrend for UNI, which could drag it to lower support levels.

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