![Uniswap [UNI] rejected at bearish order block, bulls fight to defend $5.2 level](https://i.headtopics.com/images/2023/5/7/cryptoamb/uniswap-uni-rejected-at-bearish-order-block-bulls--uniswap-uni-rejected-at-bearish-order-block-bulls--1655083792665567234.webp)
UNI's bullish rally halted at $6.3 price area, as buying pressure wanes.
UNI’s price has been on the decline since 19 April. The bearish order block at the $6.3 price area halted the bullish momentum with price crashing below the $5.7 support level.
Bulls were able to stall the bearish momentum with a rally from the $5.2 support level. However, the bullish rally failed to push past the $5.6 – $5.7 area. A look at the Visible Range Volume Profile tool on the four-hour timeframe showed that the Value Area High and Value Area Low were at $6.4 and $5.6, respectively. Buyers met resistance at the VAL with a bearish order block under it serving as the catalyst for price rejection.
The RSI crept above the neutral 50 and the OBV recorded a slight uptick. However, both experienced a sharp decline afterward, which suggested that the bullish rally was waning. A four-hour candle close above the VAL could offer UNI bulls further buying opportunities. Alternatively, bearish momentum could force a retest of the $5.2 support level.
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