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Uniswap: Analyzing why UNI remains an attractive bearish bet

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.Uniswap is one of the largest decentralized exchanges with liquidity that dwarfs centralized exchanges such as Binance and Coinbase.

However, the size and depth of the market did not necessarily reflect on the price chart of the token, which has been in a steady downtrend since last August.

There have been periods of consolidation interspersed in the downtrend, and this is something long-term investors must remember.Source: UNI/USDT on TradingViewThe price action has been a series of lower highs and lower lows since UNI found a local top at $12 in late March.

Previously, in late February and early March, some consolidation occurred at the $8.2 mark followed by a rally to $12. However, this rally was unable to break past the highs of early February, which reached $13.Therefore, the longer-term trend can be said to favor the bears.

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