The intraday low is within reach. $UNI is currently at 7.004 USDT, down 2.10% over 24 hours and another 0.34% over the past hour. It has traded between 6.981 and 7.356 today, a 5.4% range. Spot trading volume is $22.25 million, with no surge in volume accompanying the decline.
The funding rate is holding at -0.0004%, settling once every 8 hours, so the shorts’ advantage is slight. The account long/short ratio is 1.62, while the large-trader position long/short ratio is 4.13, indicating much heavier crowding on the long side among large traders. Open perpetual futures positions total about 23,181,568 coins, with a notional value of around $162 million. Visible liquidations over 24 hours were about $550,000, suggesting leverage unwinding has been fairly mild.
The 7-day high is 7.901 and the low is 6.742. The current price is about 23% of the way through this range, closer to the lower end. Next, watch whether 6.981 gets breached and whether the funding rate can stay near zero.
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