$UNI is trying to come out of a drawdown

Uniswap token is fundamentally no longer as interesting as it was in the last market growth cycle. There are more promising and newer DEX tokens now.

However, there are still sometimes interesting movements on the chart for traders. For example, like now on the 4 hour timeframe, where the price is trying to get out of a downtrend. It has bounced off this summer's local low and has entered a consolidation under the ~$7.05 resistance level.

In this consolidation, a cup-with-handle bullish pattern is forming. The first segment of the pattern has been formed so far. The second is in progress and will be completed if price does not go below the mirror zone between ~$6.30 and ~$6.50.

Uniswap is probably waiting to return to the upside along with the market.