UNI price action suggests bulls may lean on the 200-day simple moving average as support.
The Uniswap token is trading around $29.30 at the time of writing, down roughly 4.5% over the past 24 hours. The price of the Ethereum-based decentralized exchange (DEX) protocol reached a 24-hour high of $31.25, but bears pushed the lows to $28.50 and remained resolute in defending gains above $29.
Uniswap is facing supply-side pressure as sentiment across the cryptocurrency market turned bearish. UNI is in the red along with many major coins: most of the top ten cryptocurrencies are falling at the time of writing, with the exceptions of Solana (SOL) and Polkadot (DOT).
Bitcoin slid about 2.8% to fall below $46,000, while Ethereum dropped 3.4% as bulls tried to hold above $3,100. Among large-cap crypto assets, XRP led losses, tumbling roughly 10% over the past 24 hours to trade near $1.17.
Overall, total crypto market capitalization declined by about 2.9%, down to roughly $2.04 trillion, according to CoinGecko data.
Uniswap price analysis
The UNI/USD pair remains above an upward trendline established since the rebound from the $14.02 low on July 21. That uptrend allowed bulls to push above the 200-day simple moving average, creating a key support zone near $28.15. 
UNI/USD daily chart. Source: TradingView
Technically, the RSI remains bullish above 65 while the MACD sits in positive territory, though it hints at a possible bearish crossover.
On the upside, bulls need to hold the ascending trendline to keep the primary supply wall at $30 in view. A clear break above that level could prompt upward pressure toward $31.25 (the 24-hour high), from which buyers may target resistance near $35 and, eventually, the $40 area.
To the downside, if UNI fails to hold above $28.15, it could retreat toward the 200-day moving average at around $26.51. Should bearish pressure intensify in the short term, the next support level would be near $23.75.